With the facility of car leasing and financing, sales of the cars in Pakistan have gone at very high level. Just because of this, loans made it easy for people to buy new or used cars.
Increase in prices, sales of the Pakistan automobile declined. It started improving from 2012 onwards. The industry broke the record for most number of cars sold in a single month ever, In March this year. Car sales in Pakistan will be at least higher than what has been seen in the past five years. It is also confirmed that the number and expected sales higher than 165,000 in this year.
In March only, automobile industry of Pakistan has broke the record for most number of cars sold in a single month. March saw a 72 percent increase in local vehicle sales according to Pakistan Automotive Manufacturer’s Association (PAMA). If the sales keeps going on this rate, Pakistan might even see the biggest car sales in a year.
One of the major reason for increased sales in this year is the Toyota Corolla 2015, which brought a new design to the vehicle. Another reason is the Suzuki Bolan, which is on top of the charts, just because of Punjab Government’s self-employment scheme. Suzuki Bolan and Ravi, both these vehicles have reached their sales doubled during this year.
Car sales has increased about 30 percent year-over-year, State Bank has shrink interests from 10 percent to 7 percent which improved the sales of the cars. The 3 percent reduce was enough to bring more customers towards new cars.
All these factors helped to strengthen the automobile industry and car sales numbers by 30 percent year-over-year. May Be, this is one of the reasons that Volkswagen has also shown interest in entering Pakistan with their cars.
Apart from all these factors, taking into account the groundless profit margins of the local auto industry and the increasing trend to import used cars, the news is indeed incredible. If the local manufacturers justified their prices and used the superior tech in international models, Pakistan would see even greater sales and less imports of used cars.