If you are not living under a rock, you must have known by now that almost all car companies have increased car prices in Pakistan since last month. All the major companies have hiked their prices, especially after the rupee went on a very slippery slope in the last two months. The non-stop fall of the rupee forces the companies to increase their prices. Here is a brief discussion about the recent price hikes concerning rupee devaluation.
Price Hike Vs. Dollar Rate
As per a report by Ismail Iqbal Securities, the companies have increased their prices by 20% on average. Meanwhile, the Pakistani rupee has depreciated by 21% in the last two months. So, it means the prices have been passed-on almost according to rupee devaluation. The report further said that sedans, including Toyota Corolla & Yaris and Honda Civic & City, have shown the biggest jumps, while the percentage of price hikes by Hyundai and Kia are on the lower side i.e., 13% and 15%, respectively.
The lower percentages by the new entrants are mainly because of the concessions they got under Pakistan’s first auto policy 2016-2021.
Biggest Price Hike
The biggest price jump has been observed by Toyota Corolla Altis as:
- Corolla Altis 1.8 CVT saw a price jump of 26.2%
- Corolla 1.8 Grande CVT marked a hike of 26.5%
- And the price of Corolla Altis Grande CVT 1.8 (Black Interior) is increased by 26.3%
Meanwhile, Toyota Fortuner saw a jump of around 25%.
And if we talk about Honda price hikes, we will see an average hike of 24% on all cars. Coming to the last player in Big3, Pak Suzuki increased the rates at an average of 23%.
Lowest Price Hike
The lowest percentage of price hikes has been seen for Kia Stonic, which saw a jump of only 2.6%. The average percentage of price hikes of Kia is around 15%. Meanwhile, Hyundai has also hiked the prices by an average of 15% for all of its cars. The lowest jump has been seen by Hyundai Sonata with 8.3%.
In the last couple of years, the car price hike has become kind of a norm due to multiple reasons in Pakistan. Hopefully, the future will not be as turbulent as the past.
Although the rupee has made some gains in the last few days, we hope this trend continues because it is vital for all of us, especially the car industry and car prices.
What do you think about these revised car prices in Pakistan? Are they justified? Please share your thoughts in the comments section.
