Latest Car-Price Increases and booking suspensions! | CarMandee Blogs | CarMandee

Latest Car-Price Increases and booking suspensions!

Ishaq Nabi
by Ishaq Nabi

11-4-2022

3 min read

Pinned

Owing to the recent devaluation of the Pakistani Rupee against the US Dollar, the unstable politics in the region, and inflation, almost all automanufacturers in Pakistan have increased their car's prices once again. Whereas Toyota and Kia have suspended their bookings.

Toyota have suspended their bookings

Auto assemblers and Original Equipment Manufacturers (OEM) are expected to jump on the price hike bandwagon. All key players in the auto market, including Suzuki, Kia, Hyundai, Toyota, and Honda, have increased the prices of their lineups since the start of the year.

Hyundai Elantra, Kia Grand Carnival, and Baic’s BJ40 plus are some of the most popular cars in Pakistan that have seen a price increase since the start of the year.

The new and increased prices of Hyundai Elantra, Kia Grand Carnival, and Baic’s BJ40 plus are listed below:

Hyundai Elantra

Elantra launched the Pakistan Autoshow 2020, and this sedan is deemed a direct competitor of the Corolla and Civic hegemony in Pakistan. Its price hike is no surprise as all auto manufacturers are jumping on this bandwagon.

The new price of Hyundai Elantra is Rs. 47,99,000 in Pakistan as compared to the ex-factory price of Rs. 4,399,000. Meaning it has observed a price hike of 4 lac rupees.

The new prices were implemented on April 5th, 2022. Prospective car owners who had paid the full amount before this date or were given a tentative delivery date till April will not be subjected to the new price.

Anyone who pays the full payments before April 25th and has an expected delivery date of May/June will need to pay a 50% price increment, i.e., Rs. 4,599,000.

Kia Grand Carnival

Kia has recently increased the prices of the majority of its lineup at the start of the year, and Grand Carnival was the only one that didn’t observe any price increase. However, this isn’t the case now, as Lucky Motors Corporation has ultimately decided to increase the rates of this car too. This news will make many sorrowful owing to the rising trend of MPVs in Pakistan.

Kia Carnival Price increase

Kia Carnival previously used to cost Rs. 9,999,000 but now, after a price elevation of Rs. 500,000, its new price is Rs. 10,499,000.

The price hike will be effective from April 4, 2022. Moreover, any added freight charges at the time of delivery, i.e., Any government tax applicable for the imported car, will be paid by the prospective car owner.

BAIC BJ40 Plus

The new price of the off-roading jeep BAIC BJ40 Plus is Rs. 8,199,000 after it saw an increment of Rs. 514,000. Previously it used to cost Rs. 7,685,000. However, those customers who had booked the car before the price hike announcement will pay the old price.

BAIC BJ40 Plus was deemed the crown jewel of off-roading vehicles in Pakistan since its entrance into the local auto market last year. Therefore, the news of the abrupt price increase has made no one happy.

Why the Increase?

The elevated car prices and the State Bank of Pakistan’s curbs on auto financing are the key detrimental factors contributing to the low sales of cars. The demand is expected to go even lower due to the unstable and shaky political climate paired with the fact that more automakers are jacking up prices again this year.

Buying cars as an asset is becoming incredibly difficult for those who belong to the middle stratum of society. As automakers continue to jolt prices with time along with the elevation in fuel prices, buying a car will remain a dream for many! Many car owners are compelled to commute on bikes every day.

With the ancient local commute systems in Pakistan and new transport projects restricted to metropolitan cities, traveling in our country is becoming taxing for everyone in the country.

To keep a check on the skyrocketing car prices, the government has conducted a forensic audit of the price hike via a private firm to maintain complete fairness and avoid discrepancies.

However, the Pakistan Automotive Manufacturers Association (PAMA) has taken a dislike to this initiative by the government. With the government changing, this initiative is likely to take a setback. All we can say now is to hope for the best.

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