CAR PRICES INCREASE IN PAKISTAN
The prices are going up on everything in Pakistan. This time high prices hit on cars after the mini-budget passed in Pakistan. The Pakistani car industry has grown increasingly after the arrival of many companies. The increase in car prices become a major issue for many customers.
Automakers took turns in October 2022 for increasing prices. The high increases in car prices have driven them beyond affordable for many people. But the recent increasing tax on vehicles seems the worst is yet to come. According to the past six years’ data, the average price of vehicles has gone up from about 1.7 million to about Rs. 4 million, representing an increase of up to Rs. 2.3 million, or 135 percent, since 2015.
The tax on cars over 1000cc has been increased to Rs100,000 from the existing Rs50,000, the tax on vehicles ranging from 1001cc to 2000cc also increased to Rs200,000 compared to the existing Rs100,000 tax, while those with 2001cc and higher will pay Rs400,000.
Up until 2019, the price of vehicles remained quite stable, but afterward, they went up significantly. The companies attributed the increases to the depreciation of the Pakistani Rupee (PKR) against the US Dollar (USD).
