Pakistan’s automotive industry continues to face significant challenges with high prices and sluggish sales. However, the country, ranked as the fifth most populous globally, has witnessed a recent trend of price reductions. Major players like Suzuki, Toyota, Honda, and Kia have initiated price cuts on select models.
Toyota, Honda, Kia, and Suzuki have collectively reduced prices by up to 25 percent. Notably, Lucky Motors made the most substantial cut, reducing the price of its KIA Stonic by Rs 15 lakh.
Following suit, Suzuki announced a 13 percent reduction in the price of its Swift GLX CVT variant. In recent months, Toyota Yaris and Honda City also saw price reductions.
Apart from sluggish sales, various factors, including sales tax, contribute to these price adjustments.
Car prices drop in Pakistan 2024
Car Models | Old Price | New Price | Price reduction |
KIA Stonic | Rs6.4 million | Rs4.7 million | Rs 1,500,000 |
Suzuki Swift | Rs5.4 million | Rs 4.7 million | Rs 710,000 |
Toyota Yaris | Rs4.89 million | Rs 4.76 million | Rs 133,000 |
Honda City | Rs4.8 million | Rs 4.68 million | Rs 140,000 |
Cherry Tiggo 8 Pro | Rs10.3 million | Rs 9.5 million | Rs 850,000 |
Peugeot 2008 | Rs7.7 million | Rs 7.25 million | Rs 450,000 |
Toyota Yaris
Toyota joined the trend of reducing prices by lowering the prices of its Yaris models on March 14, 2024.
Despite the decrease ranging from Rs73,000 to Rs133,000, Yaris remains an attractive choice due to Toyota’s robust resale value and the availability of spare parts.
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Honda City
Following suit, Honda decreased the price of its City by up to Rs140,000 on March 15, 2024. However, priced at approximately Rs4.8 million, the City remains relatively expensive.
Kia Stonic
KIA announced a significant price reduction for the Stonic, with the new price set at Rs4.7 million. Previously, the car was priced at Rs6.4 million.
Suzuki Swift
Pak Suzuki also responded to Stonic’s price drop by reducing the price of its Swift GLX CVT by Rs710,000.
Cherry Tiggo 8 Pro
Cherry announced a notable price reduction of Rs 0.85 million for the Tiggo 8 Pro on April 16, 2024.
Peugeot 2008
Peugeot also cut the price of its 2008 by up to Rs450,000, following a previous reduction of Rs100,000 in March. This reflects a prevalent trend in the market where car manufacturers are reducing prices to stay competitive.