For the fourth time this year, Pak Suzuki Motor Company (PSMC) has decided to increase the prices of its vehicles, with the most significant hike being Rs. 235,000. The revised prices will be implemented starting from April 6, 2023.
The total increase in vehicle prices in 2023 amounts to Rs. 1.203 million, following multiple hikes throughout the year. The automobile industry has already witnessed a decline in sales, with a drop of 20-25% reported in recent months, which experts attribute to political instability and high prices. The elevated prices are rendering it difficult for middle-income and lower-middle-income groups to afford vehicles. Additionally, the increase in interest rates has made car leasing at 24-25% interest rates an arduous task.
Revised prices of Suzuki Alto:
The revised prices of Suzuki Alto models are as follows:
- The Suzuki Alto VX’s price has been raised by Rs. 107,000, making the new price Rs. 2,251,000, as opposed to the previous price of Rs. 2,144,000.
- The Suzuki Alto VXR’s price has been raised by Rs. 125,000, making the new price Rs. 2,612,000, as opposed to the previous price of Rs. 2,487,000.
- The Suzuki Alto VXR AGS’s price has been raised by Rs. 134,000, making the new price Rs. 2,799,000, as opposed to the previous price of Rs. 2,665,000.
- The Suzuki Alto AGS’s price has been raised by Rs. 140,000, making the new price Rs. 2,935,000, as opposed to the previous price of Rs. 2,795,000.
Revised prices of Suzuki Wagon R:
The revised prices of Suzuki Wagon R models are as follows:
- The Suzuki Wagon R VXR’s price has been raised by Rs. 152,000, making the new price Rs. 3,214,000, as opposed to the previous price of Rs. 3,062,000.
- The Suzuki Wagon R VXL’s price has been raised by Rs. 164,000, making the new price Rs. 3,412,000, as opposed to the previous price of Rs. 3,248,000.
- The Suzuki Wagon R AGS’s price has been raised by Rs. 178,000, making the new price Rs. 3,741,000, as opposed to the previous price of Rs. 3,563,000.
Revised prices of Suzuki Cultus:
The revised prices of Suzuki Cultus models are as follows:
- The price of Suzuki Cultus VXR has been revised to Rs3,718,000, which is an increase of Rs178,000 from the previous price of Rs3,540,000.
- Similarly, the price of Suzuki Cultus VXL has been revised to Rs4,084,000, which is an increase of Rs195,000 from the previous price of Rs3,889,000.
- Lastly, the price of Suzuki Cultus AGS has been revised to Rs4,366,000, which is an increase of Rs209,000 from the previous price of Rs4,157,000.
Revised prices of Suzuki Swift:
The prices of Suzuki Swift have been revised as follows:
- The revised price of Suzuki Swift GL MT is now Rs4,256,000, increased by Rs204,000 compared to the previous price tag of Rs4,052,000.
- The revised price of Suzuki Swift GL CVT is now Rs4,574,000, increased by Rs219,000 compared to the previous price tag of Rs4,335,000.
- The revised price of Suzuki Swift GLX CVT is now Rs4,960,000, increased by Rs235,000 compared to the previous price tag of Rs4,725,000.
Revised prices of Suzuki Ravi:
The prices of Suzuki Ravi have been revised as follows:
- The price of Suzuki Ravi has been revised and increased by Rs88,000, with the new price tag of Rs1,856,000 compared to the previous price of Rs1,768,000.
- Similarly, the revised price of Suzuki Ravi without deck has also been increased by Rs88,000 to Rs1,781,000 from the previous price of Rs1,693,000.
Revised prices of Suzuki Bolan:
The prices of Suzuki Bolan have been revised as follows:
- The price of Suzuki Bolan Van has been revised and increased by Rs92,000 to Rs1,940,000 as compared to the previous price of Rs1,848,000.
- The price of Suzuki Bolan Cargo has also been revised and increased by Rs92,000 to Rs1,944,000 as compared to the previous price of Rs1,852,000.
Auto sector analyst Arsalan Hanif suggested that the recent depreciation of the Pakistani rupee against the US dollar is likely the cause of the price increase. In February 2023, Pak Suzuki sold only 978 units due to low demand and a reduction in purchasing power parity. Hanif predicts that continuous increases in car prices may keep sales volumes within the range of 2,500-3,500 units per month.