Overview
The certain reasons automakers shared against the rising car prices have now come down. The recent fall of the dollar rate in the international market has been clear to us. The rising dollar rate is the biggest reason automakers give for increasing huge car prices. The recent flying in car prices shocked the customers. Honda, Suzuki, Toyota, Proton, KIA, and all other car makers introduce huge jumps in car prices. We expect that the major reason for increasing prices has come down. The unstable dollar condition falls Pakistan’s economy badly. This is positive news for our economy and helps us to stable economic health.
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Automakers Reasons for Car Prices Increase
Locally manufactured cars have been out of buying range. The small 1000cc cars even go up the range of Rs 30 lacs which is unacceptable for economic buying. Local car manufacturers increased car prices three times in 6 months. The devaluation of money is the major cause behind these price hikes but automakers are forced to increase prices to meet the cost. The import of CKD kits is another challenge for them. However, several factors impact on car industry which the one major issue has seems to resolve. The fall in the dollar rate will lower the import tax budget on cars.
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Jump in Car Prices with Devaluation of Rupee
The recent fall of the Pakistani rupee value against the dollar reaches the car prices above expectation. The Suzuki Swift small car price reached Rs 40 lacs, Honda Civic RS Turbo price reach to Rs 8.1 million, Suzuki Wagon R the most demanding economical price car reach to Rs 30 lacs. No option left to buy a small brand new car in Pakistan.
Chinese automakers introduced low prices cars but now they have also jumped the price and Proton X70 FWD reach Rs 7,300,000. They all give the same reason for a price hike. But now we have to watch how the dollar up and down affects car prices.
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Car Prices Down Now or Not?
The most asked question of consumers right now is whether car prices will come down with the dollar rate as these are jumped with dollar effects. But the silence from automakers seems like there is a No to down the car prices. There are very rare chances that car prices decreased because we have already accepted the inflation and never stopped buying of these products.
As per the previous history, automakers never decrease the prices as they jumped. The local cars are even more costly than imported cars. This is the reason buyers preferred imported cars rather than local cars with a lack of functions and safety compared to imported ones.
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Conclusion
The silence about car prices shows that automakers have no mood to reduce the current prices because they have already taken booking at new rates and mentioned the already booked cars will deliver at new rates. Only the consumers who paid the full amount can receive a car at the old rate. On the other side, Toyota and Suzuki shut down their production plants due to non-productive days. They have not met the timeline of car deliveries due to the delay in LCs approval for CKD Kita. The government has done its best to control the import budget and make a rule for CKD Kits import approval by the SBP. The control on imported products helps the economic health to fall long time troubles.
