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Saturday, October 1, 2022

Over 20,000 used cars imported in last 8 months despite high prices

Pakistan has imported more than 20,000 used cars in the initial eight months of this monetary year, as indicated by accessible private information. During the whole monetary year of 2021, used vehicle imports added up to approximately 21,000 units.

The import of used vehicles has increased by 46% during the July-February period and the number may even reach 30,000 for the whole fiscal year. Interestingly, around 80 percent increase has been witnessed in the import of used cars in the past two months.

Toyota Pakistan has set a new monthly record by selling 7,132 cars in March

2,083 units of used cars were imported in January and 2,778 units were imported in February.

In 2019, around 36,000 units of used cars were brought into the country which was the greatest number of all time.

“This double import of both CBUs and used cars in huge quantities is proving very damaging to the local auto industry,” said S M Ishtiaq, CEO S M Engineering.

35,039 cars sold in first two months of 2022 in Pakistan. Here are the top 5 best selling cars of 2022

“This situation needs immediate attention of the policy makers as this would be a double blow to the local auto industry and the national exchequer as well,” reasoned Ishtiaq.

According to auto industry sales data shared by Pakistan Automotive Manufacturers Association (PAMA) on Tuesday, the auto sector overall has witnessed robust sales in the first nine months of the current fiscal year as a total of 205,381 units have been sold which shows a strong growth of 52 percent as compared to the corresponding period last year.

The industry sold 27,131 units in March compared to 21,664 sold in February.

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