As we have waved goodbye to the first half of 2019, the automotive industry in Pakistan has been kept on the hook. The news regarding the devaluation of Pakistani rupee has never ceased to stop while new automobile entrants have managed to grip the audience with every new update. CarFirst brings you a roundup for the first six months of 2019:
2019 – A year of currency devaluation:
The first six months of 2019 would most memorably be remembered with the rapid increase in dollar prices that have directly or indirectly affected every industrial sector. In this regard, almost all the local car manufacturers have raised their car prices by 35%. The increase in car prices has directly resulted in an increase in the used car trading market as the car users have weighed in various options to counter the abrupt strategy of the increase in car prices.
New automobile entrants making it big in Pakistan:
2019 till date has undoubtedly been the year of new entrants in the automobile setup. Since long, the local car manufacturers have managed to maintain a strong grip within Pakistan’s automotive industry but with the advent of several key players like KIA, Changan, and United Bravo, there has been a sense of urgency within the existing local car manufacturers. The result of this pressure has been on the positive side as Pak Suzuki has discontinued the production of Suzuki Mehran and instead, launched Suzuki Alto in three 660 cc variant. On the whole, we can expect new entrants to inflict a healthy sense of competition within the automotive industry which can greatly benefit the car users in particular.
2019 financial budget and what it brings for the automotive industry:
The 2019 budget has been announced and it has brought a mix of good and bad news for the general public. The government through the budget has expanded the scope of Federal excise duty on all the vehicle categories. On the cars that fall into 1000 cc category or less, the government has proposed 2.5% which was never proposed before. The result would be the increase in car prices and would affect a vast number of people as the majority of the people go for 1000 cc cars or less. On the other hand, FED for cars greater than 1700 CC has been reduced from 10% to 5 %. On the whole, the 2019 finance bill is going to affect more people instead of providing relief to a handful of buyers who will opt for the 1700cc category.
CarFirst has always strived to improve the car trading business by making it easy for their customers to buy or sell their cars. We have always managed to update our customers with the latest news making rounds within the automotive circle. If you are willing to buy or sell your car at the best price, CarFirst is the one stop and one go solution.