A new wave of price hikes seems imminent as several car companies are announcing price lock offers for new bookings.
According to the latest social media update, Kia Lucky Motor Corporation (KLMC) has announced a price lock offer till January 31, 2023. Autojournal.pk claims that the company has a large inventory which it aims to sell prior to producing fresh stock.
Last week, Master Changan Motors Limited (MCML) announced a limited-time discount and price lock offer on its entire lineup. The company acknowledged the decline in car demand. An official statement in this regard reads:
With the reduction in real wage of every household in Pakistan, automobile purchasing has seen a dent as households delay vehicle purchases in order to prioritize other more urgent needs. The ongoing challenge of national economy has also forced the central bank to apply import restrictions across all industries. Relying on imports for various components, the automobile assemblers, auto part vendors and accessory business, all have suffered a disturbance in business operation.
It is the first time in Pakistan when buyer refusing to buy car and its justified. With current price tag cars are totally out of value to money and it is evident that if buyer in future want to sell again, he will not get the decent rate. For example no one in the market accepting Corolla at 62lac even with showroom delivery.
That’s the power of buyer. When buyers collectively refuse to buy, sellers HAVE TO lower the prices. Such offers are just blackmail tactics. Buyers still should not buy. Just wait and watch. Prices will go down sooner or later.