Pakistan’s auto industry is going through incredibly tough times, with the largest car manufacturer, Pak Suzuki, resorting to selling used cars to survive. The current economic situation has left the government without a concrete plan to revive the struggling industry. Among all the market players, Pakistan Suzuki Motor Company (PSMC) has suffered the most. In a bid to attract customers, PSMC has introduced an installment plan for used cars in collaboration with Meezan Bank and Bank Al Falah. With the help of which people can buy cars in easy installments, Pak Suzuki has taken this step to save his company.
Table of Contents
Installment Plans by Pak Suzuki 2023
The installment scheme brings forth a myriad of advantages, encompassing reduced insurance premiums, a noteworthy 50% deduction on processing charges, a discounted markup rate, and the provision for residual value financing for a duration of three years. Moreover, the financing tenure can be extended up to a maximum of eight years.
Pakistan Suzuki Motor Company (PSMC) is currently facing a critical situation in the country’s automobile sector. To secure its survival, the company has approached the government, specifically Prime Minister Shahbaz Sharif, with a plea to decrease the duties and taxes imposed on vehicles with engine capacities up to 1,000cc. Being the leading manufacturer of passenger cars and light commercial vehicles in Pakistan, PSMC primarily operates within the low engine capacity segment. It anticipates that a reduction in taxes will help alleviate some of the burdens it currently faces.
Given the present circumstances, Pak Suzuki strongly appeals to the government to refrain from imposing any further duties or taxes in the upcoming federal budget, especially on vehicles with engine capacities up to 1,000cc. The future of the company and the entire local car industry is shrouded in uncertainty, demanding prudent deliberation and decisive action.
To cater to the needs of used Suzuki buyers, the company has introduced both conventional and Islamic finance options, accompanied by discounted mark-up or profit rates. In addition to this latest offer, the company has extended insurance options to used Suzuki buyers at reduced rates. Customers have the flexibility to select their preferred car model, provided that it is no more than 9 years old, and can be financed for a maximum period of 3 years.