The Pakistan auto industry is still in terrible shape due to skyrocketing prices and minimal sales but during the past several months the nation with the fifth-highest population has seen a trend towards decreasing prices thanks to price reductions from major manufacturers including Suzuki, Toyota, Honda and Kia.
Related news: Revised Pricing of Pak Suzuki Swift
Suzuki, Honda, Toyota, and Kia have all lowered their prices by up to 25% to increase demand. Lucky Motors offered the biggest discount slashing the price of the KIA Stonic by Rs 1.5 million. The nation’s consumers are happy about this trend towards reduced costs.
Suzuki immediately joined the bandwagon and reduced the price of its Swift GLX CVT model by 13%. The costs of the Honda City and Toyota Yaris were lowered in prior months.
In addition to low sales, several other factors, such as sales tax, are also associated with price decreases.
Significant Car Price Drop in Pakistan by 2024:
| Car Models | Old Price | New Price | Price Reduction |
|---|---|---|---|
| KIA Stonic | Rs6.4 million | Rs4.7 million | Rs1,500,000 |
| Suzuki Swift | Rs5.4 million | Rs4.7 million | Rs710,000 |
| Toyota Yaris | Rs4.89 million | Rs4.76 million | Rs133,000 |
| Honda City | Rs4.8 million | Rs4.68 million | Rs140,000 |
| Cherry Tiggo 8 Pro | Rs10.3 million | Rs9.5 million | Rs850,000 |
| Peugeot 2008 | Rs7.7 million | Rs7.25 million | Rs450,000 |
Toyota Yaris:
On March 14, 2024, Toyota reduced the cost of its Yaris variations, following suit with the rest of the industry. Despite a drop of Rs73000–133000, the Toyota Yaris is still a good choice because of its high resale value and convenient access to replacement components.
Honda City:
On March 15, 2024, Honda lowered the price of its City by as much as 140K PKR, following suit. However, the City’s is pricey, costing approximately Rs4.8 million.
Kia Static:
Stonmic’s revised pricing of Rs4.7 million was revealed by KIA, marking a significant price reduction. The vehicle was previously sold for Rs6.4 million.
Swift Suzuki:
In reaction to Stonic’s action, Pak Suzuki likewise lowered the price of their Swift GLX CVT by Rs710,000.
Cherry Tiggo 8 Pro:
On April 16, 2024 Cherry announced a huge reduction in price of Rs0.85 million for the Tiggo 8 Pro.
2008 Peugeot:
Peugeot also reduced the price of its 2008 by as much as Rs450,000, after lowering it by Rs100,000 in March. This action is in line with a rising industry trend in which automakers are lowering their prices to stay in business.