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Islamabad, Pakistan – The upcoming budget 2024-25 is set to bring significant changes to the pricing of used vehicles in Pakistan. According to sources, the government has proposed a substantial increase in regulatory duty, which will likely lead to higher costs for imported used vehicles.
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The proposed changes will particularly affect vehicles with engine capacities larger than 1800cc, with a potential 30% rise in regulatory duty. This could lead to a significant price hike for these vehicles, making them more expensive for consumers.
However, the budget also offers some relief for buyers of new and old hybrid vehicles with engine capacities up to 1800cc, as they will continue to enjoy zero duty. This move is aimed at promoting eco-friendly vehicles and reducing carbon emissions in the country.
The government’s decision to increase regulatory duty is seen as a move to curb excessive imports and promote local manufacturing. Last year, Pakistan saw a significant surge in vehicle imports, up by 255%, largely attributed to the reduction in regulatory duty.
The proposed changes in the budget are expected to have a significant impact on the used vehicle market in Pakistan, and consumers are advised to brace themselves for higher prices.