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Economy

Non-value Added Car Buyer Tax: Premium issue continues to haunt new car buyers

Overall car production rose to 106,439 units in 9MFY21 with Premium rising to 3-5 lakh per new unit

The data published by the Pakistan Automotive Manu­facturers Association (PAMA) says that overall car production rose to 106,439 units in 9MFY21 from 86,628 units in the same period last fiscal year.

Buyers are being haunted by the issue of ‘on-money’ and late deliveries on locally assembled cars amid rising auto production.

Despite the low cost of imports of parts and accessories on account of rupee appreciation against the dollar, consumers are also taking a costly ride as no assembler has announced any price cut.

One dollar is now quoted at around Rs154 in the interbank market versus Rs168.78 in August 2020.

A week ago, Hyundai Nishat Motors suspended the booking of Tucson model. As per the dealers, the company is facing shipment issues of imported parts from Korea and they cannot say exactly when the booking for this vehicle would resume.

A recent market survey highlights that after booking a newly launched Hyundai Elantra, the vehicle will be delivered in September or October and for urgent delivery of this model, a buyer has to pay a premium of Rs500,000.

Except for Picanto manual, consumers are also facing delays in delivery of Kia vehicles. Picanto automatic is in high demand and its waiting time stretches till September while the ‘on money’ on this vehicle is over Rs300,000.

One-month time is given for Kia Sportage Alpha with no premium on spot sales. A buyer needs to manage Rs275,000-400,000 for other variants of Sportage owing to delivery time of August.

Due to the global shortage of semiconductor chips, an assembler said, electronic parts supply has been hit hard. As a result, car output has suffered and delivery has slowed down. This is happening globally but Japan seems to have overcome this shortage.

A new Honda City model is coming up and the company intends to start taking bookings of new City either in May or June. However, the delivery of Honda Civic takes at least two to three months.

The premium money on Toyota Yaris hovers between Rs30,000-40,000 while on Fortuner and Revo it ranges between Rs450,000-500,000. Corolla carries Rs400,000 on money.

However, the spokesperson for Indus Motor Company (IMC) said the delivery time of Yaris is just one month in all variants.

He said Corolla demand is going high due to the introduction of new model X and this situation always happens with the launch of every model. Fortuner and Revo are also in high demand, he added.

The delivery timing of Suzuki Cultus is 90 days while the waiting period of WagonR ranges between 60-90 days followed by 30-60 days for Alto660cc.

The extension of delivery period of vehicles is attributed to issues of delays in getting containers, high freight rates, and port congestion is causing delays in arrival of parts from abroad, a Suzuki dealer said.

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