Analyzing the price of a car between June 2019 and July 2022

Pakistan is now experiencing one of its most difficult economic periods as the Rupee is falling against the US Dollar to new record lows on a daily basis. As a result, many things, including cars, have seen price increases.

The government's application of the CVT (Capital Value Tax), significant currency depreciation, and rising prices for raw materials and transportation are cited as the main causes of the ongoing trend of price increases. Car prices have already changed up to five times in the first seven months of this year, with at least a 30 percent price rise since the beginning of the year.

However, prices in June 2019 compared to those from three years prior reveal a depressing state of the economy and the import-dependent car sector, which is still in its infancy despite being there for more than three decades. Customers complain that even the smallest FX fluctuation has a greater than 100% impact on them, despite the fact that assemblers claim to have achieved up to 70% localization because there is no government oversight.

Here is a pricing comparison between July 2022 and June 2019. Keep in mind that the latter is from a period when we were already complaining about price increases that were out of control, particularly when compared to data from December 2017. Today, however, most of us will consider the unfavorable pricing of 2017 to be a godsend. Take 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

*prices may vary according to the current economy

It's interesting to note that in June 2019; one dollar was equivalent to approximately Rs 152+/-, meaning that if one dollar is currently worth around Rs 250, the value of the currency has declined by about 65 percent. In contrast, the prices of locally assembled cars have generally increased by 115 percent.

However, the local car industry's troubled times continue as assemblers will observe non-production days (NPDs) in August. The State Bank of Pakistan (SBP) is delaying the issuance of the letter of credit (LC) authorization for CKD imports in an effort to stop the loss of valuable foreign reserves, which is slowing down production and leading to delivery delays. Although reservations are officially closed, the assemblers are still making significant price increases for the cars, which will be applied to future reservations.

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