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Car Price Comparison: June 2019 vs July 2022

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Pakistan is going through the toughest of economic times with Rupee keeps plunging to a record-low against US Dollar every passing day. This has resulted in prices hikes of a number of items including automobiles.

Related: Local Assemblers Have Rs189 Billion as Advance Payments

Massive currency devaluation, coupled with imposition of CVT (Capital Value Tax) by the government and increased raw material & transportation costs are said to be the key reasons behind the never-stopping trend of price hikes. Within the first 7 months of this calendar year, car prices have been revised by up to 5 times already with at least 30% increase in prices compared to the beginning of this year.

TDM Showroom

However when compared to prices from 3 years ago, June 2019 to be exact, renders a saddening situation of the economy as well as the import-dependent auto sector which is still in its infancy despite more than three decades of presence. Customers also blame that in the absence of any check & balance by the government, the impact of slightest of forex fluctuation is transferred by more than 100% on to the customers when assemblers claim to have achieved up to 70% localization.

Related: No Matter What Happens, Car Prices Will Always Increase

Below is a price comparison from July 2022 and June 2019, remember the latter is from a time when we were already crying for outrageous increase in prices especially when compared to figures from December 2017. However now, the unfortunate prices of 2017 will look like a blessing to most of us today, have a look.

Car/ Model June 2019 July 2022
Honda Civic Turbo RS 3,799,000 8,099,000
Honda Civic (Base Model) 3,199,000 6,799,000
Honda Civic Oriel 3,399,000 7,099,000
Honda City Base Model MT 1,919,000 4,049,000
Honda City Base Model AT/ CVT 2,059,000 4,199,000
Honda City Aspire 1.5 MT 2,134,000 4,609,000
Honda City Aspire 1.5 PT/ CVT 2,274,000 4,799,000
Honda BRV-S CVT 2,569,000 5,299,000
United Bravo 895,000 1,339,000
Changan Karvaan 1,119,000 2,469,000
Toyota Corolla Altis 1.6 AT 3,069,000 5,139,000
Toyota Corolla Altis 1.8 CVT 3,205,000 5,679,000
Altis Grande 1.8 CVT SR 3,409,000 6,189,000
Toyota Fortuner 2.7L 7,299,000 12,489,000
Toyota Fortuner 2.8D 7,819,000 15,069,000
Toyota Hilux Revo G MT 5,009,000 9,819,000
Toyota Hilux Revo G AT 5,239,000 10,299,000
Toyota Hilux Revo V AT 5,559,000 11,349,000
Isuzu D-Max V-Cross 3.0 MT 4,450,000 6,600,000**
Isuzu D-Max V-Cross 3.0 AT 4,675,000 6,960,000**
Suzuki Bolan 874,000 1,579,000
Suzuki Wagon R VXR 1,264,000 2,549,000
Suzuki Wagon R VXL 1,344,000 2,699,000
Suzuki Cultus VXR 1,440,000 2,330,000
Suzuki Cultus VXL 1,551,000 2,879,000
Suzuki Cultus AGS 1,668,000 3,159,000
Suzuki Swift Base MT 1,585,000 3,349,000
Suzuki Swift DLX AT/ GLX CVT 1,721,000 3,959,000

E&OE- (**updated prices yet to be announced)

Interestingly in June 2019, one dollar was equal to around Rs 152+/- which means if dollar is around Rs 250 today, the currency has witnessed depreciation of around 65% whereas the prices of local assembled cars in most cases have been increased by 115%.

Related: CKD/ SKD Imports Hit Record $1.7 Billion in FY22

But the troubling times for import-dependent local auto industry continues as assemblers will b e observing non-production days (NPDs) in August. In order to curtail the outflow of precious foreign reserves, State Bank of Pakistan (SBP) is not issuing the letter of credit (LC) approval for CKD imports, which is causing a slump in production operations resulting in delivery delays. However with bookings currently closed, the assemblers are continuing to give massive push to the car prices which will be applicable on all new bookings whenever it resumes.

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