Owing to a depreciating Rupee against the US Dollar, Hyundai Nishat has increased the prices of two of its premium models and their variants – Elantra and Sonata.
Hyundai Elantra and Sonata Price in Pakistan
According to a circular dated July 25, 2022, to Hyundai’s dealers, the company has revised and increased the prices of both Elantra and Sonata. These are the latest prices:
| Model & Variant | Current RSP (with CVT) | New RSP (with CVT) | Difference |
| Elantra 1.6 | 4,341,990 | 5,099,000 | 757,010 |
| Elantra 2.0 | 4,998,490 | 5,499,000 | 500,510 |
| Sonata 2.0 | 7,068,990 | 7,899,000 | 830,010 |
| Sonata 2.5 | 7,927,490 | 8,499,000 | 571,510 |
Why Do Car Prices Keep Going Up in Pakistan?
A weakening Rupee isn’t the only reason, there are multiple reasons why companies like Hyundai keep increasing their vehicle prices.
- Soaring car prices – Rupee devaluation and high sea freight rates
- High interest rates – Making owning a car more expensive
- Stricter auto financing policies – Drives down demand
- 1% CVT on cars 1301cc and above – Increases the cost of buying a new car
- Increase in withholding tax for both filers and non-filers – Increases the cost of buying a new car
- Ban on CBUs – Increases the demand of CKDs and drives up their price
- Restriction on import of CKD kits – Disrupts supply-chain, lowers the number of locally manufactured cars, drives up unemployment, among other things
- Petrol prices – Keeps increasing fortnightly
To learn more about how the State Bank of Pakistan is disrupting import of CKD kits, read: Pakistan Automobile Sector Under the Mixed Economic System
Will Hyundai Car Prices Keep Going Up?
Most likely. As long as the above mentioned factors remain in effect, Hyundai and others will be forced to keep increasing the price of their cars.
Sonata 2.5 Buyers Pay Attention
The company is taking bookings for this variant and you can expect it to be delivered in a month’s time.
If you are interested in knowing more about Hyundai cars, don’t forget to visit our Hyundai Page. Also, you can get a bargain here on used Hyundai models.
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