Recent prices increases have completely changed the face of Pakistan’s automobile business. Smaller cars, particularly are soaring in cost and are now classified as luxury products.
For quite a while, Toyota Corolla was Pakistan’s top-selling car, as it provided an excellent value-for-money. However, after the latest price hike, demand could be dwindling, which is also the case for its rivals.
Here’s how much prices are of Corolla and its rivals have risen from August 2021 (or from the time of launch):
It’s interesting to note that the Toyota Corolla has seen the largest price increase of rivals. Yet, it’s the most affordable compact car that you can purchase right now (Altis 1.6 Manual model).
Civic hasn’t seen the same price increase as Corolla since it was released in the beginning of this year. It’s still among the priciest vehicles in Pakistan. Its price of the equivalent of Rs. 8.1 million (excluding taxes) for the highest variant Civic surpasses many crossovers that put its value in doubt.
Analysts predict that all car manufacturers to experience a drop in demand due to the soaring prices. With an initial price of close to the price of Rs. 5 million and the present economic crisis the segment of compact cars is the one that seems to be in the worst shape.