MASSIVE
HIKE IN PRICES OF AUTOMOBILES
By
Masooma Amjad Khokhar
Although the government
has chosen to perform a forensic audit of the country's historic increase in
car prices, industry sources assert that prices have increased by almost 50% as
a result of the rise in input costs over the past two years. After a 200
percent increase in advance tax in the budget for 2022–2023, some new car
prices. For non-filers, the federal government has levied a 200 percent advance
tax on the acquisition of vehicles with engines larger than 1600cc.
An official from the
auto sector ascribed the historically high price increase to rising input costs
brought on by an exponential spike in freight expenses, the devaluation of the
rupee, and increases in the price of steel and fuel. In addition to the regular
price increases implemented by regional automakers and assemblers, a number of
automakers recently announced major price hikes on automobiles. When government
decided to reduce taxes and levies, local car prices last year significantly
decreased. However, due to freight costs and currency devaluation, prices
increased by almost 35% once more.
A Japanese automaker
announced a price hike of Rs250,000 to Rs400,000, while an Original Equipment
Manufacturer (OEM) announced a price increase of Rs200,000 to Rs1.2 million on
their vehicles. Nearly all of the other automakers prepared to copy them.
Automobile manufacturers raised automobile prices for the third time since the
annual budget in March. The government reversed the tax benefits provided in
the FY 2022 budget, which led to the second significant price increase in
January. The final large price increase occurred in July as a result of cost
pressures. Freight rates have increased by more than 250 percent in a single
year. In practically every area, including the auto industry, these rising
rates are stoking the inflation fire. Unfortunately car dealers are facing such
crisis as sale/Purchase of the automobiles got decreased. From Pakwheels.com we
came to know that sales of cars are decreased up to 41% in this month of
August.
The demand for various cars in Pakistan may be impacted by this choice. Customers who purchase locally made "luxury cars" will be required to pay the following advance tax.
|
Models |
Engine Displacement
(Cubic Capacity) |
Price (Rs.) |
Previous Advance Tax
for Non-Filers (Rs.) |
New Advance Tax for
Non-Filers (Rs.) |
|
Toyota Corolla Altis
Grande |
<1800cc |
4,499,000-4,859,000 |
150,000 |
300,000 |
|
Hyundai Elantra GLS |
<2000c |
4,949,000 |
200,000 |
400,000 |
|
Hyundai Tucson |
<2000cc |
5,799,000-6,299,000 |
200,000 |
400,000 |
|
Hyundai Sonata 2.0 |
<2000cc |
6,999,000 |
200,000 |
400,000 |
|
DFSK Glory 1.8 CVT |
<1800cc |
5,159,000 |
150,000 |
300,000 |
|
Kia Sportage |
<2000cc |
5,300,000-6,300,000 |
200,000 |
400,000 |
|
BAIC BJ40 |
>2000cc |
8,199,000 |
200,000 |
400,000 |
|
Hyundai Sonata 2.5 |
<2500cc |
7,849,000 |
300,000 |
600,000 |
|
Kia Sorento |
<2400cc |
6,836,000-7,499,000 |
300,000 |
600,000 |
|
Toyota Fortuner |
2700-2800cc |
9,959,000-12,679,000 |
400,000 |
800,000 |
|
Toyota Hilux |
<2800cc |
7,359,000-9,729,000 |
400,000 |
800,000 |
|
Isuzu D-Max V-Cross |
3000cc |
6,600,000-6,960,000 |
400,000 |
800,000 |
|
Kia Sorento V6 |
<3500cc |
7,499,000 |
450,000 |
900,000 |
source: proPakistani.pk
SO, dear friends of Masoomakhokhar.blogspot.com and don’t worry, we’ll talk much more about current affairs in the future. And as always, I’ll see you in the next blog.
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