For Pakistani consumers, New Year is showing to be a tough one as local automakers have raised the prices of their cars. Toyota was the first one to do so whereas Pak Suzuki and Al-Haj FAW took its steps soon. And now various rumors are flowing on social sites that prices of local and imported used cars will also be raising in coming days. Therefore to provide a clear picture to our readers, we will slice up the rumors
First of all it is to be thought that there lies some weight in the rumors because we all know that Rupee is getting devalued against Dollar .And because of this all, the prices of oil, new cars, and further household items have rush forward. So this may be the reason why the prices of local and imported used vehicles might hike.
The second point is associated to imported used cars. The Government of Pakistan has issued new SRO 1067(1)2017 and reinforced its used car import guidelines to stop their mistreatment. With the new SRO, the government has made it hard to import vehicles that will as expected increase their prices .It is for the reason that there is immeasurable demand for them and in addition the constant devaluation of the rupee. As of now, USD 1 is approximately PKR 110, which is rather alarming for country’s economy.
The local automakers regardless of working at full capacity cannot accommodate the needs of local consumers; this is why used car market over power Pakistan domestic automobile industry. So if less used imported cars come into Pakistan, their price will undeniably rise. Likewise, because of importing fewer vehicles, the demand for the local used car will rush forward, resulting in the hike in their prices.
As per the government, it has issued the SRO to curb trade deficit, not to hurt used car import. Let’s wait and watch how events unfold. Until then, stay tuned to Autodeals.pk for more automotive news.