Pakistan recorded a 44.06% increase in the sale of cars last month as 14,543 units were sold in January.
In the same period last year, total 10,095 units were sold. Leasing on a low interest rate seems to be the contributing factor in sales increase.
According to an analyst, sales will increase even more as low markup rates will attract buyers.
Sales of jeeps, tractors, pickups, three-wheelers and motorcycles also increased in the period under review, according to data issued by Pakistan Automotive Makers Association (PAMA).
Cumulative sales in the first seven months of the FY2021 (July-Jan) clocked in at 81,569 units, up 18%, compared to 69,189 sold in the same period last year.
“Demand for cars is expected to grow stronger owing to low interest rates,” said Syed Fawad Basir, an analyst at Topline Securities as quoted by Geo News.
In January, 1300cc and above car sales increased 27% to 6,944 units, most prominently the sales of Toyota Yaris (2,992 units), as compared to 5,467 units sold during the same month in the previous year.
“But the sale of Indus Motor’s popular Toyota Corolla decreased 56%, while that of Honda Civic and City were up 10%. Around 364 Suzuki Swifts were sold in the period under review compared to 144 sold last year,” Geo News report stated.
Meanwhile a drop in sales of buses and trucks was recorded.
Jeeps, however, recorded an increase of 149%. This is mainly because of the 179% increase in the sale of Toyota Fortuner.