Pakistan's auto industry is still in terrible shape due to skyrocketing prices and limited sales, but during the past several months, the nation with the fifth-highest population has seen a trend toward decreasing prices thanks to price reductions from major manufacturers like Suzuki, Toyota, Honda, and Kia.
Price reductions of up to 25% were made by Suzuki, Honda, Toyota, and Kia. The largest price reduction was revealed by Lucky Motors, which dropped the cost of their KIA Stonic by Rs 15 lac.
Suzuki immediately followed suit, slashing the price of its Swift GLX CVT model by 13%. Previous months saw price reductions for the Honda City and Toyota Yaris.
In addition to low sales, a number of other factors, such as sales tax, are also associated with price decreases.
Significant Decline in Pakistani Auto Prices by 2024
Kia Stonic: old price was 6.4 million , new price is 4.7 million price reduced to 1,500,000
Suzuki Swift: old price was 5.4 million , new price is 4.7 million price reduced to 710,000
Toyota Yaris: old price was 4.89 million , new price is 4.76 million price reduced to 133,000
Honda City: old price was 4.8 million , new price is 4.68 million price reduced to 140,000
Cherry Tiggo 8 Pro: old price was 10.3 million , new price is 9.5 million price reduced to 850,000
Peugoet 2008: old price was 7.7 million , new price is 7.25 million price reduced to 450,000
Toyota Yaris
Toyota cut the price of its Yaris variants on March 14, 2024, matching price reductions made by the industry as a whole. 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 Stonic
KIA disclosed Stonic's updated pricing, which is Rs4.7 million and represents a considerable price decrease. Prior to this, the car was sold for Rs6.4 million.
Suzuki Swift
Along with Stonic, Pak Suzuki reduced the price of its Swift GLX CVT by Rs710,000 in response to the situation.
Cherry Tiggo 8 Pro
Cherry revealed a significant price drop of Rs0.85 million for the Tiggo 8 Pro on April 16, 2024.
Peugeot 2008
Peugeot also dropped the price of its 2008—which it had already lowered by Rs100,000 in March—by as much as Rs450,000. This move is consistent with a growing industry trend where automakers are cutting their pricing to maintain their profitability.