In the not-so-distant past, Pakistan’s local auto market was ablaze with fervor, witnessing a surge in demand that eclipsed the production capacities of local car assemblers. This resulted in an unusual phenomenon – the birth of ‘ON Money’. Buyers were caught in a waiting game, forced to bide their time for months before they could finally lay hands on their dream cars.

In this vacuum of instant gratification, astute investors seized the opportunity to capitalize on the situation, charging additional sums depending on the demand and price of the car. ‘ON Money’ became more than just a trend; it became a norm, a practice that endured.

The Shift

However, the dynamics of the Pakistani car market have undergone a seismic shift. The nation’s economy, once on a bullish trajectory, has been hit hard by a severe downtrend. Hyperinflation has eroded the purchasing power of consumers, leading to a sharp decline in sales, demand, and overall production. The once-thriving market is now compelled to make a forced transition from the era of ‘ON Money’ to the frugality of ‘OFF Money’ in a bid to sustain footfall at their now-deserted dealerships.

Amidst the gloom, automotive companies are implementing measures to stay afloat. Non-production days (NPDs) have become commonplace, but manufacturers are not simply folding their cards. They are strategically leveraging existing stocks to introduce enticing offers on their flagship models.

Car makers are now rolling out promotions like Price lock, 0% markup, easy installments, Instant delivery, special discounts, free registration, and even unconventional schemes like ‘Purani Do – Nai Lo’. Notably, Pakistan Suzuki Motor Company (PSMC) has emerged as a leader in this new wave of promotional strategies.

Active Offers

As the market grapples with the downturn, Pakistan Suzuki is offering innovative schemes such as price locks, upgrades to new cars, and attractive HBL financing offers. Meanwhile, Toyota Pakistan is adopting an easy installment plan for popular models like the Corolla and Yaris. Changan Pakistan is enticing buyers with a Rs. 100,000 registration rebate coupled with priority delivery. Honda Atlas Cars Limited (HACL) is also in the game, providing finance offers to woo hesitant customers

Remarkably, it’s not just car companies adapting to the new reality. Motorcycle manufacturers, including Atlas Honda, Yamaha Pakistan, and Pak Suzuki, are also stepping up with similar offers. The standout among these is the ‘easy installment plan with 0% markup’, providing a lifeline to consumers in dire need of affordable transportation solutions.

In the face of economic challenges, the Pakistani car market is not merely surviving but evolving. The shift from ‘ON’ to ‘OFF’ signifies a resilient industry, adapting to new norms and seeking innovative ways to reignite consumer interest. As the market recalibrates, both consumers and manufacturers are navigating uncharted territories, hoping for a revival that will once again propel Pakistan’s auto industry to new heights.