After Toyota, Honda car lovers rejoices over reduction in car prices.
The latest and new price of the cheapest model of Honda Car in Pakistan- City 1.2L MT is is now 46 lac and 99 thousand after one lac reduction by the car maker.
The price of City Aspire CVT 1.5 L is now 58 lac after a price reduction of 1 lak and 30,000.
Honda Civic RS 1.5L price has dropped below one crore after a price reduction of Rs300,000.
Prices are effective from 25 October.
After the appreciation of Rupee against dollar, all Major Car makers in Pakistan have reduced prices.
Earlier Indus Motor Company, MG Motors and Lucky Motors have also slashed their car prices to increase the demand for their cars.
The fact that Pakistan’s auto sector mainly relies on imports of cars and spare parts, the prices of cars in the country surged to a significant increase over several years due to Pakistan’s currency record depreciation against dollar.
Rupee saw a record depreciation against dollar, when it reached it a record low of Rs307 in the inter-bank. Since then, it is recovering against dollar.
The previous government of PDM decision to ban import of cars to reduce the import bill has also contributed to the staggering increase in the prices of cars in Pakistan.
A major record increase in the prices of oil products have also made it hard for the consumers to buy new cars and finance the old cars thus reducing the demand for cars due to hyperinflation.
The action against smugglers and hoarders of currency by the care taker is the major cause of currency appreciation, that enabled them to reduces prices of petroleum products by a huge margin that provided relief to the consumers.
