The prices of automobiles have witnessed a massive drop but showroom owners in Multan and Karachi find themselves grappling with a host of concerns as buyers find an innovative way to purchase vehicles own their own rate.
The buyers in Karachi and Multan are waiting for the rupee's appreciation against the US Dollar as the local unit gained momentum against the mighty American currency.
The recent appreciation of the Pakistani rupee against the US dollar has given a ray of hope to car buyers that prices may further go down and they could purchase their dream cars at cheaper prices.
On the other hand, showroom proprietors in Multan and Karachi have expressed growing apprehension as they contend with reduced vehicle sales—a situation they attribute to surging inflation and challenging economic circumstances.
The showroom owners argued they are compelled to part with older vehicles, which they initially acquired at inflated prices, now selling them at significantly reduced rates.
Muhammad Azhar, Chairman of the Showroom Committee observed that citizens are opting to deposit their money in banks rather than investing in vehicles.
“This shift in consumer behavior has resulted in a staggering 90% drop in car sales—primarily due to the prevailing scarcity of funds in the market,” he explained.
Amidst the sustained depreciation of the dollar, the automotive sector has experienced a noticeable decline in vehicle prices.
However, contrary to expectations, the general populace has yet to fully reap the benefits of this devaluation.
