َIslamabad:According to the latest statistics from the All Pakistan Auto Manufacturers Association, car sales in the country have seen a 3% decline on an annual basis compared to the previous fiscal year. During the fiscal year 2023, a total of 1,348,345 units were sold across Pakistan. In contrast, the fiscal year 2022 recorded sales of 1,392,790 units, marking a decrease of 28,256 units this year.
The introduction of new sales taxes has significantly impacted car prices. Experts predict potential price hikes ranging from PKR 242,000 to PKR 302,000 for various models. This new tax imposes a 25% sales tax on cars priced above PKR 4 million or with engine capacities exceeding 1400cc. Industry experts are concerned about the broader economic implications of these tax changes.
For instance, prices of Suzuki Cultus VXL are expected to increase by PKR 242,000, pushing the new price up to PKR 4,326,000. Similarly, Suzuki Swift GLX Manual could see an increase of PKR 257,000, resulting in a new price of PKR 4,625,000. Toyota Yaris GLi MT is forecasted to rise by PKR 261,000, making its new price PKR 4,660,000. Prices for Honda City 1.2 Manual and Honda City 1.2 CVT are anticipated to increase by PKR 279,000 and PKR 286,000 respectively, reaching new prices of PKR 4,978,000 and PKR 5,115,000.
These price increases are likely to impact consumer purchasing power and overall market dynamics in the automotive sector.
