The upcoming 2024-25 budget is expected to significantly affect the pricing of used vehicles in Pakistan with a proposed increase in regulatory duty. Sources suggest a 30% rise in duty on vehicles over 1800cc, potentially raising costs for imported used vehicles.
Reports indicate a proposal to increase regulatory duty on older vehicles, contributing to the anticipated price hike. Imported used vehicles, especially those with engine capacities over 1800cc, are likely to be most impacted, with duty rates potentially rising from 70% to 100%. Additionally, there is a proposal to impose a 15% duty on used vehicles up to 1800cc.
Read more: Honda BRV Price Update In Pakistan For May 2024
However, there is good news for buyers of new and old hybrid vehicles with engine capacities up to 1800cc, as they are expected to continue enjoying zero duty, offering some relief amid the anticipated price increases.
Last year saw a 255% increase in vehicle imports due to reduced regulatory duty. The proposed adjustments aim to curb excessive imports and promote local manufacturing.
