Record number of cars sold in Pakistan in March 2015: report

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PakistanToday
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10
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Pakistan’s automobile industry in March this year broke the record for most number of cars to ever be sold in a single month, according to a report on car portal Carmudi.

According to the report, the introduction of car leasing and financing facilities has given rise to the increase in car sales by a multiplier effect in the country, as buying on credit has enabled consumers to experience an increase in their purchasing power.

In previous years, when Pakistan’s car industry was booming, car rental businesses also sprang up and appeared to be feasible business options.

However, the prosperity of the Pakistani car industry was hindered by the financial crisis. As a result of which, prices followed an upward trend and the demand for cars fell. It was from 2012 that the sales of cars began to rise once again.

According to the report, car sales in Pakistan will be higher than they have been in the last five years. Similarly, other reports say that sales will be up to 165,000 in 2015.

With the greatest number of cars being sold in the country within a month, three cars contributed to this, namely the Toyota Corolla, the Suzuki Bolan and the Ravi. The sales of the latter two automobiles doubled during 2015.

Another factor which may also have contributed towards the rise in demand for cars is the State Bank’s decision to reduce the interest rate from 10% to 7%. It may also be the case that the interest that Volkswagen has shown with regards to extending their market to Pakistan is a consequence of the rise in car sales.

When taking into account the relatively low profits made by the local car industry in Pakistan, a way to mitigate this unfortunate circumstance would be for them increase their competitiveness with the foreign car industry by using the latest technology.

This would add to the attractiveness of locally produced cars in comparison to internationally produced cars to consumers.

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10 COMMENTS

  1. When I walk around in the roads of Lahore I see majority of arrogant young men driving cars costing Rs.30 to 60 lacs.Is a car costing Rs.30 to 60 lacs along with its maintainence and petrol really affordable in Haq Halal in Pakistan?
    My father is a senior government officer and I’m proud to say that he’s one of the few persons in Lahore who earns in Haq Halal.But we can’t afford a car costing even Rs.8 lacs and we don’t have our own home.We are living in a two room apartment for the last 18 years.Wheareas,our two neighbours who’s lower in grade than my father but earns bribery like the rest of Pakistanis are crore patti,and their cars alone costs Rs.80 lacs.So do you really think you can really afford cars costing Rs.30 to 60 affordable in Haq Halal in Pakistan? Inshallah I will watch the briber Pakistanis in the day of judgment burning in hell.

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  6. Based on these reports, we can see the amount of cars in Pakistan has increased considerably. Many people buy more cars, synonymous with economic growth.

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