Dealers increase own money on cars from Rs0.2m to Rs0.3m
October 7, 2021 01:02 AM
Due to the dollar’s high rates and limited supply by local companies, dealers increased the own money on cars from Rs0.2 million to Rs0.3 million, 24News HD TV Channel reported on Wednesday.
According to the details, the State Bank of Pakistan has abolished bank finance facility on imported vehicles to reduce imports but taking advantage of this, local car assembling companies have limited the supply to increase the prices of their vehicles.
President of Car Dealers Federation (CDF) Shehzada Saleem confirmed that the own money of a 600 cc vehicle had gone up from Rs100,000 to Rs250,000.
While the own money rates of Cultus car has also increased from Rs75,000 to Rs250,000, he said adding that Rs400,000 was also being demanded on Toyota Grande and Rs300,000 on Honda Civic.
Own money is an illegal price an investor charges from a buyer, who wants to buy a car immediately. It is above a car's actual price. It normally happens in Pakistan's car segment, where car assemblers sometimes take months to deliver a car.