Cars continue to become unaffordable with no end to price hikes in sight 

LAHORE: Lucky Motors, Hyundai, and Changan have all increased their prices over the past week from February 22 to February 28. 

Lucky Motors

The new prices for the cars across Lucky Motors’ KIA and Peugeot portfolio are as follows: 

Lucky Motors’ price increase was two parts with it increasing the prices of its KIA Sportage line of vehicles, arguably the ace in its deck of cars, on February 24. The price increase for all other cars across both  of its portfolios came on February 28. The prices for the Sportage were subsequently applicable from February 24, whereas the prices for all other cars will be applicable from March 1. 

It is important to note that this upward price revision constitutes Lucky Motors’ third price revision within the span of one week, as all the aforementioned ‘old prices’ listed were announced on February 21. 

Hyundai 

The new prices for Hyundai cars are as follows: 

These prices will be in effect from April onwards. This also marks the second price increase Hyundai has engaged in within the span of one week. All aforementioned ‘old prices’ listed were announced on February 2, and were applicable on orders placed after February 14. 

Changan  

The new prices for Changan’s cars are as follows: 

This is the second price revision Changan has undertaken within February, and within 2023. The most recent price revision prior to these two dates back to August 2022. 

Adding fuel to the fire 

The most likely ramification of these pricing decisions will be seen in the month of March. However, the  fact that many of them were either follow ups to earlier price revisions within the same month makes it likely that the February’s sales figures will continue to nosedive in a manner similar to the ones seen in January.  The fact that these pricing decisions come at a time when inflation is at a five decade high, and there are expectations for further hikes in the policy rate by the State Bank of Pakistan ensures that automotive lending will continue its downward spiral into oblivion in March as well.