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High prices, tough financing schemes and high mark up rates force buyers to purchase second hand cars
Car prices today have increased three times compared to the prices in 2006 and to test the impact on buyers of this exorbitant increase in prices, Pakwheels.com and YouGov collaborated towards a research on the local automotive assembling industry which has been rated as the lowest progressive industry in Pakistan which hasn’t even been able to move from assembling to manufacturing. Although mark up on financing have increased, however the number of financing options available to a buyer today has decreased significantly compared to 2006 as the impact is clearly reflected in the research where majority of the buyers (65%) …
Posted in Articles
956 views
Calculation of duty on used car imports revised: Prices of imported cars set to increase
Federal Board of Revenue has revised the calculation of duties imposed on used cars. No changes have been implemented on the duty and tax imposed on used car imports, neither is there any change in the age of old and used car imports. In simple words, five years old cars can still be imported on the previous duties and taxes however, calculation of date on the import of old and used vehicles is revised. Previously, depreciation was calculated at the rate of 2 percent per month on old and used imported vehicles for each completed month which was calculated from …
Posted in News
13,697 views
26 out of every 100 new cars on the road are imports
According to the data compiled by Paktribune, 26 out of every 100 new cars on the roads are imports, signifying the ground they have taken over by now. Although, sales of locally assembled cars have also increased by 23% (157,325 units compared to last year’s 127,944 units) but car imports have seen an overwhelming increase, 55,000 cars have been imported this year compared to only 21,000 car imported last year, an increase of 162% has been noted. All Pakistan Motor Dealers Association Chairman (APMDA) HM Shahzad further says that they’ll double the imports of 55,000 units imported to 100,000 if …
Posted in News
962 views
Prices of imported and locally assembled cars increased again
Government’s policy to implement Euro-II emissions standards in locally assembled had led local auto assemblers to increase prices by 75,000 PKR in late June but another increase in prices have been made today owing to weak Pakistani Rupee against US dollar and Japanese Yen. This new rise in prices is however not limited to cars only locally assembled but the weak currency’s impact has triggered importers to jack up the prices as well. On July 2, 2011 Suzuki Mehran VX was available at Rs467,000 which is now priced at Rs555, 000; Mehran VXR now sells at Rs607,000 as compared to …
Posted in News
988 views
User cars worth 22 billion rupees imported in July-March 2011-2012
Pakistan Bureau of Statistics just released information regarding the total value of vehicles imported in the period of July-March 2011-2012 which has is a whopping 249 million US $ (22.585034 billion PKR). Compared to a rather very small worth of vehicles imported during the same period in the last fiscal year which totaled to 89.3 million US $ (8.102713 billion). However, Pakistan Bureau of Statistics have not shared the number of vehicles imported although the worth of cars imported in this period is pretty staggering given the predicament situation of economy and security and more importantly, rise in ransoms which …
Posted in News
1,309 views
Tagged: earth quake, fraud, imported cars, imports, Japanese, smuggling, stolen cars, tsunami, used cars
Items deleted by Pak Suzuki from newer models but are available in the older ones
I recently sold my 1998 Suzuki Khyber and bought a “ghar ki chali hui” (Home driven) 2004 Suzuki Cultus and later the other day when I was going somewhere with a friend of mine, whom I asked to open the glove-box and get me my cigarette packet out. As he reached towards the glove-box handle, he was surprised to see that there was lock on the glove-box. I was also surprised at his disbelief of seeing that to which he responded that you do know that I also bought and sold a 2006-7 Suzuki Cultus and mine didn’t have this …
Posted in Articles
2,575 views
Pakistan might become an automotive junkyard for the world
The report that surfaced in mid of August about the possible federal government’s relaxation of duty on import of car from five to ten years has caused a bit of stir amongst the local automotive industry which has not received the news in welcoming manner and has expressed concern about Pakistan may become a potential junkyard of foreign used cars. While their concern may not come as surprise to everyone but we as well remarked upon traders importing junk cars to Pakistan however we remarked that government must set a standard (regulations) for import of vehicles to avoid importers from …
World vehicle population crosses 1 billion
The world vehicle population in 2010 passed the 1 billion-unit mark 24 years after reaching 500 million in 1986. Prior to that, the vehicle population doubled roughly every 10 years from 1950 to 1970, when it first reached the 250 million-unit threshold. According to Ward’s research, which looked at government-reported registrations and historical vehicle-population trends, global registrations jumped from 980 million units in 2009 to 1.015 billion in 2010. The figures reflect the approximate number of cars, light-, medium- and heavy-duty trucks and buses registered worldwide, but that does not include off-road, heavy-duty vehicles. Despite the fact that 2010 was …
Government all set to allow free import of all types of cars, motorcycles, trucks and tractors
While government’s enthusiasm to offer relief to consumers by allowing free import of all types of reconditioned cars, motorcycles, trucks and tractors in the forthcoming Trade Policy for the fiscal year 2011-12 is very pleasing, however, it must also set a standard for import of vehicles to avoid importers from importing junk or accidented vehicles to Pakistan as many will exploit the otherwise welcome decision. In a unusual step taken by the government, is likely to allow free import under the Personal Baggage, Gift and Transfer of Residence Schemes Trade Policy 2011/12, sources revealed. Moreover, Prime Minister, Yousuf Raza Gilani …
Japanese quake affected cars stolen and smuggled overseas by foreign and Pakistani companies
Investigations have begun into allegations that unscrupulous individuals have been exporting affected vehicles – some stolen even from the municipal parking lots where they were temporarily stored. In quake-hit Higashi-Matsushima, Miyagi Prefecture, three men including two Afghanis were seeing loading small cars unto a truck and when they were asked, they stated that the cars had been bought to be sold abroad however they did not know which countries would these cars end up. The whole world was quite astonished to see the absence of looters in the disaster-ravaged areas just after the March 11 quake however, four months later; …
