In an unexpected move, Indus Motor Company (IMC), the assembler of Toyota vehicles in Pakistan, has announced a bold offer: customers can now receive their Yaris and Corolla sedans within only 10 days of booking. This lightning-fast delivery promise is valid until September 30, 2023.
Speedy Delivery By Toyota
This offer comes on the heels of a series of non-production days (NPD) that IMC recently had to implement due to a shortage of CKD parts. The company had just resumed its plant operations on August 3 after the sixth NPD schedule of the year. With this recent operational hiccup, the question arises: how can IMC deliver units within such a short timeframe unless it has a considerable number of ready, unsold vehicles in its inventory?
Toyota Yaris & Corolla
The Yaris and Corolla, once shining stars in the Pakistani automotive market, have seen a significant decline in sales. Together, their sales plummeted by a staggering 67% in FY23, with only 18,838 units sold compared to the previous year’s 56,528 units. A combination of factors, including soaring prices, unfavorable financing terms with interest rates of up to 22%, and the economic struggles of the masses, have contributed to this drastic drop in new car sales.
Financial Boost from Bank of Punjab
IMC has pulled a strategic move by collaborating with the Bank of Punjab to sweeten the deal for potential buyers. They are offering an attractive financing package for all Toyota CKD Model customers. This includes a special mark-up rate of 1YK+2.49%, as well as a competitive insurance rate complete with a tracker. For vehicles priced above 5 million, the insurance rate stands at 1.40%, and for those below 5 million, it’s set at 1.65%. Additionally, priority delivery ensures that those opting for this package will be at the front of the line.
IMC’s enticing offer is made possible through bank financing, specifically through Faysal Bank and Meezan Bank. While the allure of receiving a brand-new Corolla or Yaris within days is tempting, it’s important to note that this offer is tied to a bank financing arrangement. For those opting for this deal, the monthly installments paint a significant picture. With a 30% downpayment and a 5-year installment plan, customers will find themselves paying approximately Rs. 156,500 per month for a Corolla and around Rs. 128,000 for a Yaris (1.5 Ativ X).
What do you think of this offer? Share your thoughts in the comments below!
