Buying a car may seem like an exercise in extreme opulence for many in Pakistan in the dire economic situation the country finds itself at present. With car prices having climbed by as much as 149 per cent over the past few years, buying a vehicle in the country today is more expensive than it has ever been here.
According to local media reports in the country, the Pakistan Business Forum or PBF has highlighted how car prices have risen by 149 per cent between 2018 and 2023, primarily blaming the performance of the Pakistani currency against the US Dollar. PBF further highlighted that three of the most renowned auto brands in the country have hiked prices thrice in a period of a month and a half alone. If the Pakistani Rupee depreciates further against the US Dollar, the trend of upward price revisions could continue further still.
The Pakistani car industry is relatively microscopic when compared to major markets across the world like China, the US, India, Japan and others. While imported vehicles have traditionally been in high demand from the elites, many small car models are either locally manufactured or assembled. But the pinch of price hikes is being felt by all. And it is not just the car buyer feeling the heat. Prices of two-wheelers – a common mobility option for the masses – have also reportedly gone up. PBF Vice President Ahmad Jawad reportedly drew comparisons with car prices in neighbouring countries, while speaking to Associated Press of Pakistan, urged manufacturers to reverse the upward trajectory of prices in order to bolster sentiments among buyers at large. He also urged for government intervention, referring to taxes imposed on vehicles.
First Published Date: 23 Feb 2023, 07:50 AM IST