Soon after the implementation of the increased GST, automobile companies are increasing the prices of their vehicles again. Toyota Pakistan has again increased its cars’ prices citing the additional GST. It is the 5th price hike within a short period. However, there is an anomaly in the latest Toyota price hike. The government has specifically increased the GST rate from 18% to 25% on locally assembled 1400cc and above cars, SUVs and CUVs. Toyota Yaris is not a 1,400cc car, it is neither an SUV or CUV and yet its prices have been increased as well.
Let’s see the new Toyota car prices in Pakistan effective from March 10, 2023 here:
Toyota Yaris Price in Pakistan
| Variant | Old prices (Rs) | New prices (Rs) | Price Difference (Rs) |
| Yaris GLI M/T 1.3 | 4,316,000 | 4,499,000 | 183,000 |
| Yaris GLI CVT 1.3 | 4,588,000 | 4,789,000 | 201,000 |
| Yaris ATIV M/T 1.3 | 4,558,000 | 4,759,000 | 201,000 |
| Yaris ATIV CVT 1.3 | 4,790,000 | 4,999,000 | 209,000 |
| Yaris ATIV X M/T 1.5 | 4,911,000 | 5,429,000 | 518,000 |
| Yaris ATIV X CVT 1.5 | 5,213,000 | 5,769,000 | 556,000 |
Toyota Corolla Price Increase in Pakistan
| Variant | Old prices (Rs) | New prices (Rs) | Price Difference (Rs) |
| Corolla Altis X M/T 1.6 | 5,576,000 | 6,169,000 | 593,000 |
| Corolla Altis X CVT 1.6 | 6,111,000 | 6,769,000 | 658,000 |
| Corolla Altis X CVT 1.6 Special Edition | 6,716,000 | 7,429,000 | 713,000 |
| Corolla Altis 1.8 CVT-i | 6,423,000 | – | – |
| Corolla Altis X CVT-i 1.8 (Beige Interior) | 6,998,000 | 7,759,000 | 761,000 |
| Corolla Altis X CVT-i 1.8 (Black Interior) | 7,039,000 | 7,799,000 | 760,000 |
Toyota Fortuner Price Increase in Pakistan
| Variant | Old prices (Rs) | New prices (Rs) | Price Difference (Rs) |
| Fortuner 2.7 G | 14,230,000 | 15,809,000 | 1,579,000 |
| Fortuner 2.7 V | 16,297,000 | 18,099,000 | 1,802,000 |
| Fortuner 2.8 Sigma 4 | 17,175,000 | 19,079,000 | 1,904,000 |
| Fortuner Legender | 18,112,000 | 20,129,000 | 2,017,000 |
Toyota Hilux Price Increase in Pakistan
| Variant | Old prices (Rs) | New prices (Rs) | Price Difference (Rs) |
| Hilux E | 10,316,000 | 10,316,000 | 0.00 |
| Hilux Revo G Manual 2.8 | 11,184,000 | 11,184,000 | 0.00 |
| Hilux Revo G Automatic 2.8 | 11,728,000 | 11,728,000 | 0.00 |
| Hilux Revo V Automatic | 12,969,000 | 14,389,000 | 1,420,000 |
| Hilux Revo Roco | 13,675,000 | 15,179,000 | 1,504,000 |
Situation
The government keeps increasing the sales tax rate to collect maximum revenue, which is a demand of the International Monetary Fund (IMF). It has also increased the interest rate to 20% from the previous 17%. Both of these increases have the potential to kill auto sales in Pakistan in the coming days, weeks, and months.
The sales of Toyota Corolla & Yaris have already declined by around 69% in Jan-2023 compared to Jan-2022. This price hike may further decrease car sales as compared to the previous year as the customers are more likely to buy used Toyota cars because these vehicles are going (or already gone) out of their budget.
After this price increase, we may also see other car manufacturers rush to increase the price of their cars.
Is this price hike by Toyota justified? Tell us in the comment section below.
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