Now I am by no means an economic expert, but why don't cars depreciate in Pakistan as much as they do in other countries...?
No car is effectively "totalled" here, you could repair your rolled over 2002 Honda Civic "januin untouched" for 2-3 Lacs. I've seen shitty 2005 Hondas been sold for 1.2 Million rupees and I go like LOLWUT!
Better buy myself a brand spanking new car for 2/3 lacs more and have peace of mind until I run the car into the ground in 5 years if I have to spend that kind of money. Is it consumer psychology that keeps the market looking for better resale? Although the bitter truth is that cars depreciate to scrap in 5 years and there is no concept of resale value abroad (classics/vintage are the exception). You buy a car, step out of the lot and it will sell a lot less than what you bought it for.
Also I find that most people lie about mileage on their cars. A search of the market place and you will find 2004 model cars with 60,000 KM on the odo. ********!!! Are the local manufactures responsible for artificially inflated used car prices or is it customer sentiment regarding resale value...?
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