The auto industry in Pakistan is going through extremely difficult times, and Pak Suzuki, one of the country’s largest automakers, has turned to used car sales as a means of survival. The government is currently without a clear strategy to revive the struggling industry due to the current economic uncertainties. Pakistan Suzuki Motor Company (PSMC) has been impacted more than any other market participant. In partnership with Meezan Bank and Bank Al-Falah, PSMC has launched an installment plan for used cars in an effort to draw customers.
The installment plan offers a number of advantages, such as discounted insurance rates, a reduction in processing fees of up to 50%, a reduced markup rate, and the choice of residual value financing for a period of up to three years. The loan term may last up to eight years.
Inside Pakistan’s auto industry, PSMC is in a precarious position. The company has asked the government, in particular PM Shahbaz Sharif, to lower duties and taxes on vehicles with engine capacities up to 1,000cc in an effort to ensure its survival. Being the largest producer of light trucks and cars in the nation, PSMC focuses primarily on the low-engine capacity market. It anticipates that tax cuts will lessen some of the burden.
Pak Suzuki strongly urges the government not to impose additional duties and taxes in the upcoming federal budget, especially on vehicles with engine capacities up to 1,000cc, in light of the current situation. The situation necessitates careful thought and action because both the company’s future and the local auto industry overall remain uncertain. Comment below with your opinions on the current circumstance.
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