Cars With Best Price Drops In 2024, Many automakers have reduced the prices of various models and variants in the last two or three months. This was anticipated because no manufacturer wanted to witness a decrease in sales, and the rate at which the MRP of our local cars climbed was out of step with the people’s continually declining purchasing power.
As a result, several manufacturers have lowered their pricing. In order to bring down the cost of automobiles in their newly revised price, many brands are localizing the production of spare parts and cutting their profit margins.
The ex-GST problem is another explanation. Recall that the government raised the GST from 18% to 25% on cars (1400cc and up), including SUVs, back in March 2023.
Now, the government modified the law, imposing 25% GST on all cars with ex-GST costs exceeding Rs. 4 million, in March of 2024—exactly one year later. Upon realizing this, Toyota and Honda lowered the costs of their top-tier 1.3 and 1.2 models, bringing them below Rs. 4 million to guarantee that their brackets stay below Rs. 4 million in order to escape the new tax. Learn more about it by reading.
Here is a list of all the cars that have had price reductions from March 2024 until the present for your convenience. As more manufacturers make revisions and lower their prices, we will keep this blog updated.
KIA Stonic
The Stonic is a small C-segment SUV according to KIA. If you don’t mind a hatchback in this price range, it’s a fantastic car and likely the best buy under Rs. 4 million. The only area where it falls short is in its fuel average, though. After talking in several groups, we discovered that Sonic’s city fuel economy is poor, averaging only 9–11 km/l, and that its parts are extremely priced.
Apart from that, the automobile is a reliable vehicle. Both the usual safety features and all the high-tech features are included. In addition to having a sunroof for the 4.7 million price tag, the Stonic has superior drive quality compared to other cars in the same price range.
- Previous cost: 6.4 million PKR
- As of April 29, 2024, a price drop of 4.7 million PKR was announced.
- Price adjustment: 1.5 million PKR
Suzuki Swift
After noticing the Stonic, Pak Suzuki decided that KIA couldn’t compete with their Swift in the market. As a result, PSC committed their Swift to the price-cutting trend and reduced the Swift GLX CVT’s price by 710K PKR, bringing it in line with the KIA Stonic.
Following the price reduction, the KIA Stonic and Suzuki Swift are now fierce rivals, making it impossible to choose one over the other. Resale value is unaffected by the Swift’s modern appearance, robust feature set, and Suzuki branding, of course.
We did a one-on-one comparison of Swift and Stonic yesterday. To have a better idea of how fierce the competition is in both cars, you should think about reading it.
- Previous Price (GLX CVT): 5.4 million PKR
- New Price: 4.7 million PKR (May 2, 2024 announcement of decrease)
- Price Change: 710K PKR
Toyota Yaris
Toyota also revealed a price reduction for all Yaris models on March 14, 2024. But in comparison to the rate at which they raised the cost, IMC only offered us a small discount—roughly 73K–133K PKR. On the other hand, you receive the best resale value and quick access to replacement parts if you own a Toyota. It’s also the least expensive sedan that IMC sells right now, with a few decent but basic amenities.
Stonic is a far better option with tons of high-tech goods and a range of standard amenities including cruise control, auto headlamps, LED headlights, auto headlights, and even a sunroof if you don’t have many problems with reselling.
- Previous Price: ATIV 1.3 CVT = 4.89 million PKR
- 4.76 million PKR is the new price (discount announced on March 14, 2024)
- Price change: 133K PKR
Honda City
Honda also slashed the price of the City by up to 140K PKR the exact day after the Yaris price decrease. This seems like a pretty small reduction given that the City is priced at Rs. 4.8 million PKR. To be honest, there’s no need to advertise the Honda City at 4.8 million Pakistani rupees. The boot, good legroom, and good resale value are the sole positive aspects of the City.
This car isn’t particularly cool in terms of features or security, and if it is, it makes sense given the price. Still, a large portion of the population purchases Honda City, and they are the only ones who are concerned with availability of parts and resale value—specs, design, and amenities mean nothing to them. For example, you may purchase steel rims, halogen headlights, digital climate control, and no push start for approximately 5 million PKR.
Previous Price: 1.2 CVT or 4.8 million PKR
4.68 million PKR is the new price (discount announced on Mar 15, 2024)
Price Adjustment: 140K PKR
Cherry Tiggo 8 Pro
Cherry announced a significant Rs. 850K price reduction for the Tiggo 8 Pro on April 16. That was a good deal, now, unlike Toyota and Honda, which merely made small (compared to their price tag) price reductions.
Overall, the Tiggo is a nice car with outstanding features and a smooth ride. But, Tiggo’s Chinese insignia may give you problems when trying to resell it, and as you may know, Pakistani consumers have a strong prejudice against Chinese automakers. Many buyers naturally believe that an automobile must be of lower quality or poorer quality if it is Chinese in origin.
The truth is that contemporary Chinese brands, such as MG HS, Tiggo 8 Pro, Haval Jolion, and Baic BJ40, offer far superior quality and value for the money than our Big 3. When compared to South Korean and Japanese brands that are offered at the same price, they are far superior in terms of features, build quality, drive, and safety.
Previous Price: PKR 10.3 million
The new price, which was revealed on April 16, 2024, is 9.5 million PKR.
Change in Price: 850K PKR
Peugeot 2008
Peugeot followed suit a few days after Stonic’s price cut, lowering the 2008 model’s sticker price by up to 450K PKR (full payment). Peugeot has announced the price reduction for the second time. The manufacturer reduced the price of the car by Rs. 100,000 earlier in March. This was the second price reduction, with a maximum reduction of 450K PKR this time.
Previous Price: 7.7 million PKR (full payment, allure)
New Price: 7.25 million PKR (April 16, 2024 announcement of decrease)
Price Adjustment: 450K PKR
NOTE: Now, the question is whether other brands would lower the price of their models even further to stay competitive with the aggressively priced Stonic and Swift?
While consumers stand to gain from these price cuts, manufacturers are vying for market share and client loyalty in Pakistan’s automobile industry, which is seeing unparalleled competition due to the new regulatory environment.