KARACHI : Pakistanâ€™s automobile industry is reaping fruits of economic turnaround as sale of cars has augmented by 24pc in first seven months of ongoing fiscal year.
Similarly, sale of tractors has witnessed massive upward trajectory of 85pc in countryâ€™s urban areas during same period. These stats were shared by All Pakistan Motor Dealers Association (APMDA).
Figures revealed sale of 104, 000 automobile units in first seven months of fiscal year 2016-17 while only a total of 180, 000 units were assembled in fiscal year 2015-16.
In the backdrop of surge in passenger car sales, Pakistanâ€™s booming car market is attracting global attention as renowned automobile conglomerates from across the globe are pouring investment.
In context of boom in automobile sector, car manufacturers have started black marketing.
According to details available, a car buyer has to wait for three to six months despite making payment in advance whereas those buyers who are interested in immediate delivery of the vehicle are bound to pay up to Rs250, 000 extra in terms of â€˜own moneyâ€™.
Similarly, company demands 50pc payment in advance from buyer.
A single vehicle is not available in local market on companyâ€™s price whereas black marketing is at its peaks in Pakistanâ€™s history, said APMDA member H.M. Shahzad.
Shahzad further disclosed that a buyer has to pay Rs180, 000 to Rs200, 000 over immediate delivery of Toyota car depending upon the colour whereas on vehicle of Honda, own price goes up to as much as Rs350, 000.
Under new automobile policy, a car manufacturer is bound to make delivery of vehicle to client within two months and if fails in doing so, earlier is bound to return double the amount of advance payment to later.