After increasing the price of its CBU units, there is a strong rumor that Toyota Pakistan is planning to increase its locally assembled car prices soon. As per sources and reports, the price may go up to Rs. 12.5 lacs. “Toyota is increasing the cars prices by Rs. 3 lacs to 12.5 lacs- on average 11% increase,” a reliable report said.
It further said that the company was thinking to increase prices by Rs. 2 lacs to Rs. 8 lacs. However, the company has to revise it due to “cost pressure”.
As per estimate and sources, the price per car can increase by:
- Toyota Yaris – Rs. 3-3.5 lacs
- Toyota Corolla – Rs. 4-5 lacs
- Toyota Revo – Rs. 8-9 lacs
- Toyota Fortuner – Rs. 10-12.5 lacs
Reasons Behind Expected Price Hikes
There are multiple valid reasons that car companies are increasing including the freight cost which has multiplied by 5 times. Furthermore, the commodity prices are skyrocketing and above all Pakistani currency is under severe pressure. Currently, the rupee stands at record low of Rs. 180 against US dollar.
And keeping all that in perspective, these price hikes were expected. However, these price hikes will hit the already inflation-effected masses and buying power will further comedown. And also, these continues price hikes will encourage the “ON” Culture because people will prefer buying the cars on the spot instead of waiting for months with increased price.
Price Hike by Kia Lucky Motors
On March 1st, Kia increased the car prices in a rather sudden move. According to a notification by Kia Lucky Motors, the step was taken due to Pakistani rupee devaluation to US dollar. “Also, there is significant increase in the sea freight on the import of parts, caused this price revise,” the company said.
The new prices were effected from March 1, 2022. It is pertinent to mention that the this is the second price hike in last two months.
What do you think about these potential price hikes? Share your thoughts in the comments section.
The only remedy against repeated price hike of all Pakistani cars on various pretext is, allowing import of 5 years old used cars at reasonable custom duty.