The local automotive industry has seen a backlash due to the never-ending price hike of cars. All the industry’s major players have raised their vehicles’ prices several times this year. The automobile companies have no justification to defend the decisions except to blame the dollar prices. If you wonder why are car prices increasing with the US dollar hike in Pakistan, we have covered you with all the important details you need to know.
The Depreciation of PKR
The year 2022 has not been favourable for Pakistan for the most part. The economic crisis has put industries on hold indefinitely. It is unclear if the different industries will proceed with their operations soon.
The massive increase in car prices in Pakistan is partly due to the dollar hike. The automotive industry imports most of the car parts. Despite the local assembly facilities, the automotive industry depends on foreign imports.
Why Are Car Prices Increasing?
Recently, the depreciation of PKR against the US dollar in the open market has made it difficult for automobile companies to continue car production under the same expenses.
While this is correct, automobile companies have some blame to bear when it comes to delivery schedule management and uncalled-for price hikes.
Toyota, Honda, and Suzuki Price Hikes
The three major players in the local automobile industry have increased a record-breaking price factor for their cars. With a commutative hike of more than 1.5 billion, the big three are facing a lot of backlash from their customers.
The current economic situation in Pakistan has added fire to the already-burning automobile market. Consumers have no hopes about when the situation will get better.
Toyota has increased the prices of Yaris, Corolla, Revo, and Fortuner. Honda raised the top-of-the-line Honda Civic to PKR 80 lacs. Suzuki arrived late at the party with a bitter surprise. The company has increased the prices of its consumer-sector cars like never before.
If you are planning to buy Suzuki Alto, you might want to check the new prices before making a decision. Car users also have a lot of heat about the poor quality of car parts.
There is no information if the current price hike will return to its place any time soon. We will keep you posted with the updates.
