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9,569 used vehicles imported in Q1 of FY14; hybrid cars’ rates soar

9,569 used vehicles imported in Q1 of FY14; hybrid cars’ rates soar

LAHORE: Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) Chairman Siddique Misri has said that the import of used cars is increasing in the country and as many as 9,569 used vehicles were imported in the first quarter of financial year 2014-15 as compared to 5,863 units in the same period last year, reflecting a growth of 63pc.

Siddique Misri alleged that the policy of used car import was being massively misused by the importers with the help of Customs officers.

As per the policy, import of used cars is allowed only to Pakistanis living abroad under transfer of residence, personal baggage and gift schemes.

The PAAPAM chairman said that despite cut in duty and taxes rates on hybrid vehicles, dealers could not to bring down prices of these vehicles. He maintained that in spite of huge relief, ranging from 50 per cent exemption of all duties & taxes on hybrid cars up to 1800cc and 25 per cent exemption on up to 2,500cc, the price of 1300cc 3-year old Honda Insight, which was available in January 2013 at around Rs1,500,000, is now being sold at Rs1,900,000, an increase of 27 per cent. Similarly, price of three-year old 1800cc Toyota Prius was increased by 26 per cent from Rs1,900,000 in January 2013 to Rs2,500,000 in September 2014.