The onset of this year marked a challenging period for car consumers, as all companies opted to raise their prices in January. This decision by car assemblers was influenced by restriction inflicted by the State Bank of Pakistan (SBP), low inventory mainly sudden surge in the US dollar exchange rate against poor soul PKR.
As 2023 approaches its conclusion, we’ve undertaken an analysis to highlight the extent to which car prices have escalated over the past 11 months.
Below is a list of companies that have implemented price hikes.
Toyota Car Prices
This year, Toyota vehicles experienced significant increases in their prices, marked by several price hikes occurring every two to three months. The primary factor contributing to the rise in car prices is the global supply chain disruptions that have impacted the entire automotive industry.
Honda Price Hike
Following the example set by Toyota Indus Motors, another major Japanese car manufacturer in the country has raised its car prices. The minimum price increase noted is Rs. 630,000, while the maximum surge reaches Rs. 1,800,000 for the top variant of the Civic.
Suzuki Car Prices
Pakistan Suzuki Motors Company (PSMC), renowned for its hatchbacks in Pakistan, has also declared several price hike this year. The minimum increment is set at Rs. 392,000 for the base variant of Alto VX, while the maximum surge is noted in the price of Swift GLX CVT, amounting to Rs. 845,000.
Hyundai Price Jump
Hyundai, the South Korean automaker, also joined the trend. However, in October 2023, the company decided to reduce its car prices, with the Tucson FWD GLS price seeing a significant decrease of Rs. 234,000. On the other hand, the highest price hike, amounting to Rs. 1,531,000, was noted for the Sonata 2.5L.
Kia Prices
Kia Lucky Motors, another prominent South Korean automotive company in the region, has also passed on the economic impact to its customers. The company revealed a substantial maximum price increase of Rs. 1,040,000 for the Sportage FWD.
Haval Prices
The stability of the Pakistani Rupee (PKR) against the formidable US dollar prompted car manufacturers to reduce their prices, intending to pass on the benefits to customers. Nevertheless, current car prices remain elevated compared to those recorded in January 2023. Notably, Haval’s car prices have experienced a maximum increase of Rs. 740,000.
Peugeot Prices
DFSK
The intricate rise in car prices during 2023 stemmed from a confluence of economic factors specific to each country. However, there is optimism that the economic steadiness witnessed by the year’s end will put an end to the trend of price increases in 2024.
