It was supposed to happen. After all, Toyota Indus had done the same as recently as January 12, 2023. Honda Pakistan has increased the prices of its CKD lineup by as much as Rs.550,000. The reason is typical – uncertain economic times, increasing cost of production and fluctuating forex. Let’s take a look at the new Honda car prices in Pakistan, which are effective from today – January 23, 2023, though the new prices will not apply on orders fully paid as of January 21, 2023.
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Let’s take a quick look at what a new Honda car will cost you now.
Latest Honda Car Prices in Pakistan 2023
| Model | Old Price(Rs) | New Price(Rs) | Difference(Rs) |
| City 1.2 MT | 3,769,000 | 4,069,000 | 300,000 |
| City 1.2 CVT | 3,899,000 | 4,199,000 | 300,000 |
| City 1.5 CVT | 4,139,000 | 4,449,000 | 310,000 |
| City 1.5 Aspire MT | 4,299,000 | 4,629,000 | 330,000 |
| City 1.5 Aspire CVT | 4,479,000 | 4,799,000 | 320,000 |
| BR-V CVT S | 4,939,000 | 5,299,000 | 360,000 |
| Civic Standard | 6,349,000 | 6,849,000 | 500,000 |
| Civic Oriel | 6,599,000 | 7,099,000 | 500,000 |
| Civic RS | 7,549,000 | 8,099,000 | 550,000 |
| HR-V VTI | 5,999,000 | 6,399,000 | 400,000 |
| HR-V S | 6,199,000 | 6,599,000 | 400,000 |
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Why Have Companies Started to Increase Car Prices?
Both, Toyota and Honda have given similar reasons for the price hike, and these reasons aren’t invalid. Don’t be surprised if other auto assemblers have the same reasons while increasing the prices of their vehicles. This is likely to happen sooner than later and more price increase is on the horizon.
Under pressure from the IMF, the government intends to levy new taxes in the form of a mini budget, which may be tabled soon in the Parliament. The auto industry is likely to get hit in the form of Capital Value Tax (CVT) which is currently being charged 1%. The government may increase it to 2% or even more. Car prices, in short, would go up even more. Petrol prices are likely to increase from February 1, 2023 as well.
Honda Atlas Cars Limited Has Not Been Selling Too Many Cars Lately
This price increase will further drive down Honda sales in Pakistan. The collective sales figures of City and Civic as reported by PAMA are dismal. Civic and City together sold 78% less in December 2022 as compared to in December 2021. Their month-on-month sales figures are alarming too – 35% less in December 2022 than in November 2022.
For more detailed analysis: PAMA Car Sales Report (Dec 2022): Pakistan Auto Industry In The Danger Zone
Now that Honda Pakistan has increased the prices by as much as Rs.550,000, are you willing to buy a new Honda car now? Or would you still prefer to buy a used Honda car?
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Government should implement the formula of pricing against the manufacturing cost. This is the only solution to reduce price race between 3 big as they use lame excuses for price hike.