Investors who took delivery of their vehicles at the old rates after months of delays are cashing in on the steep price hike in recent weeks by selling their cars, jeeps and pick-ups at huge premiums.
According to a Dawn newspaper report, the country is on the verge of bankruptcy; bookings have been suspended, prices are increasing massively, restrictions on auto financing have been imposed, and sales from 25 to 25 in FY 2023 and non-productive days. A 30 per cent drop is seen at a time when local assemblers are passing on the negative effects of the rupee's depreciation against the dollar to consumers.
The price gap between locally assembled old and new vehicles is now between 590,000 and 30,000, while the continued depreciation of the rupee against the dollar is likely to increase further.
Due to the suspension of bookings by some major assemblers, showrooms are now dealing with customers waiting for 3 to 6 months to deliver their vehicles.
Market sources said that the price difference on 'Kia' vehicles is between Rs 10 lakh and Rs 13 lakh, with investors demanding Rs 76 lakh for Sportage all-wheel drive (AWD) models at Rs 63 lakh. It has been increased from 63 thousand rupees to 72 lakh 50 thousand rupees.
The Kia Picanto Automatic was booked at Rs 23.12 crore and Rs 27 lakh in the past months; now, it is priced at Rs 32 lakh. However, the buyer is more than Rs 10 lakh to get quick delivery from the investor. It has to be managed.
'Kya Lucky Motor Limited' and Hyundai Nishat Motors have increased the prices of various models by Rs 11 lakh.
Sources said that the same is the case with the prices of Toyota vehicles, for which investors charge between Rs 5 lakh and Rs 25 lakh for different models.
A Toyota dealer said investors get big payouts from customers on cars whose deliveries match old prices.
Indus Motor Company (IMC) has increased prices from Rs.590,000 to Rs.30,12,000, followed by Honda Atlas Cars Limited (HACL) from Rs.7,85,000 to Rs.14,500. Prices have been increased.
A Japanese assembler car dealer said customers are taking delivery of their old vehicles booked six months ago but are waiting to sell them again after the market price settles.
A dealer said there is a premium of Rs 1 lakh to 1.5 lakh on the Honda City as the company has not yet suspended its bookings, while bookings for Toyota and Suzuki vehicles were closed from May 18 to July 1.
He said that the 'one money' on bookings of Suzuki Cults and Alto 660cc is around Rs 5 lakh as the company has not yet announced any price increase, but the old deliveries booked at lower rates will be cleared. Is.
A used car dealer said that given the continuous increase in prices, many people had parked their 2-3-year-old small and large vehicles to sell them at huge prices at certain times.
He said that due to the rising trend in vehicle prices, many people have taken money out of their businesses and jumped into the auto business as investors.
Sources said that while some 'one-money' deals are stuck in the showrooms of authorised dealers, many deals are done outside the showrooms despite tall assembler claims.
Dealers said the practice of 'one-money' thrives due to delays in vehicle deliveries, usually between 2 and 10 months.