With the advent of 2019, there was a definite sense of excitement amongst the automotive fans as the news surrounding the inclusion of new entrants in the market combined with the government’s extensive focus on welcoming foreign investments in the automotive sector was bound to leave a smile on the public faces. Instead, the three main local car manufacturer companies have raised their car prices once again. CarFirst analyzes the main reasons for latest price hike:
Increase in Dollar price:
At the time of last price hike in October, there were signs already that another price hike is on the cards as there were much speculations due to possible depreciation of Pakistani rupee against the US Dollar. As the dollar price has now surged equivalent to 139 rupees, the local car manufacturers had been left with no choice but to increase the car prices once again. It is pertinent to mention here that there has been a substantial 15 percent rise in dollar rates since October 2018.
Lack of competition for local car manufacturers:
While the increase in dollar rate is one reason, there are reasons to believe that the lack of competition for Pak Suzuki, Honda and Toyota IMC in the automotive market is another major factor in the abrupt increase of car prices periodically. In this regard, the government’s welcome policy to attract investors internationally is of great importance as more options in the market can be of great benefit to general public.
With the prices of cars set to soar for some time, CarFirst provides an ideal opportunity to its customers by providing the first of its kind used car trading experience. Our customers can either purchase a car from the long list of certified vehicles or they can sell their car to us and that too in their desired price. We at CarFirst believe in facilitating our customers in the best possible way.