Car Prices in 2019 with huge increase
In 2019, a crises faced by automobile sector in Pakistan and various ups and downs occurred regarding the decrease in sales of the vehicles. The major reason behind the crises was the devaluation of Rupee against US Dollar. The government also increased the duties and taxes on locally manufactured cars which caused increase in prices of used carsas well as new cars. This massive increase in the prices of the cars in 2019 was so drastic that consumers were unable to afford to buy a vehicle hence in local market the demand of vehicles also decreased.
There was one positive aspect in 2019 that the government implemented the Auto Development Policy ADP 2016-21 due to which many auto players entered in the local automobile industry of the Pakistan. The local sector was previously dominated by the three Japanese auto giants i.e. Suzuki, Toyota, and Honda. Here we are going to review of various brand car prices in 2019.
Pak Suzuki provides vehicles to entry level and mid ranged customers. Like other auto brands, Pak Suzuki also struggled to sell its vehicles in the local market. In June 2019, the company launched its new car Alto 660cc. The hatchback saved the company from a complete disaster and became high sold car in the market. Its price increased up to 19% only in six months due to dollar and Rupee crises in the country.
On the other side, the VXR and VXL variants of Wagon R were available in PKR 1,224,000 and PKR 1,314,000 at the start of 2019 whereas the current price of both these models is PKR 1,540,000 and PKR 1,625,000 respectively. During the six months the price of Pak Suzuki reached at peak by 26% increase. In the same way the prices of various variants of Cultus was also sky touching by up to 24%. The latest price of Cultus AGS is PKR 1, 975, 000 and the base version is priced at PKR 1, 745, 0000. Suzuki Swift 2019also not better and its sales remained low in 2019 but its price did not cross PKR 2 million with an increase of up to 22.5%. The price of Bolan and Ravi also increased up to 23% in this time period and now are cost around PKR1 million. During 2019 the increase in CBU units of Ciaz was near to 14%. The price of Suzuki Vitara was also high and increased up to 1, 510, 000 in its Suzuki GLX model. The next generation model of Suzuki Jimny also hiked its high prices and its current price is 3, 990,000 and at the start of 2019 its price was 2, 393, 0000 and there is 67% increase. Let’s have a look at the table given below.
For decades, Toyota Indus has been most popular and highly appreciated Japanese automobiles brands in Pakistan. The auto company is standing on its best position in the country with its high end car segment Toyota Corolla. It is most favorite car of the consumers in the country. The Toyota also faced a sever hike in the car prices in 2019. The popular sedan of the Toyota also touched highest price. Toyota Corolla XLI price 2019 was PKR 2,044,000 and its current price is PKR 2,499, 000 which is an increase of 455,000 in just 12 months. Likewise, the Corolla Grande CVT SR price in 2019 was observed as PKR 700, 0000 and on 1st January 2019 its price was at PKR 2,999, 000 on 1st January 2019 to PKR 3,699,000 towards end of the year in December. The different variants of the corolla were observed an increase of 19% to 23% overall. The increase in prices of the corolla in 2019 included 5% Federal Excise Duty FED.
On the other side the Hilux prices 2019 observed an increase of 18.13%. The previous price of the base version was PKR 2,929,000 which is now is PKR 3,159,000and the price of Hilux high end version is now PKR 5,249,000 instead of PKR 4,549,000 of previous price. The price of Revo 2019 was observed PKR 850,000 and its top line variant now priced at PKR 6,249,000. The increase in price of all three variants of Revo increased up to 16%. The Toyota SUV Fortuner price 2019increased up to 27%. The price of its petrol version is now PKR 7,999,000 while the cost of its diesel version is PKR 8,649,000.
The Honda Atlas operates as its competitor Toyota Indus in the local automobile market of Pakistan. The company is largely dependent on the sales of Honda Civic and Honda City models. Both models faced a huge price hike in 2019. According to PAMA report the both cars suffered a loss of 46% in 2019. The Honda Civic old price was PKR 2,809,000 and now its new price is PKR 3,499,000 and now there is an increase of 24.56% that is PKR 690,000. The price of its higher end model of Toyota 2019 was PKR 790,000 o r 26.69%. The new cost of car 2020 is PKR 3,749,000. In the same way when we see the Honda City Price 2019 which increased up to 25%. The old price of the car was PKR 1,854,000 and the new cost of Honda City is 2,309,000. Moreover, the top line variant of Honda City now costs at PKR 2,699,000 and its price increase is PKR 495,000. Both Honda City & Honda Civic adds total 87% sale share of the company which shows that the company at large is dependent on these car sales in the local market.
The Honda BR-V seemed to be struggling in the local market. The Honda BR-V Price 2019 also increased up to 31% during January to December 2019. The high end model of this car is now available in PKR 3,249,000 while the base model of this car comes at PKR 2,899,000. Have a look on table.
Al-Haj is the manufacturer of 1000cc hatchback and light commercial vehicles in the local auto industry of Pakistan. Its renowned model FAW V2 also suffered from the huge price hike in 2019. During 2019 the AL-Haj FAW V2 price increased up to 41%. The FAW V2 new Price 2020 is PKR 1,574,000. The other LCV’s of the company also observed a price increase close to 36% in this period. None of the models of the automaker now cost less than PKR 1 million in the local market.
United Motorsmade an entry in automobile industry in 2018 by introducing its most anticipated 800cc hatchback Bravo which was launched in competition with Suzuki Mehran. The United Motors Prices 2019 were also increased. The United Bravo Price 2019 was increased up to 16%. The new cost of United Bravo is PKR 985, 000 and its old price was 850,000. It was all about the car prices in 2019.
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