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Car prices down on cut in duties, taxes

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KARACHI: Car prices go down in the country following reduction in duty and taxes, and the latest reduction in price was announced by Malaysian company Proton.
Other car companies Toyota, Suzuki, Honda, Kia and Changan have already reduced car prices following the recent steps taken by the government.
The Proton has reduced Saga prices by Rs50,000 and now its cheapest variant will be selling for Rs1.925 million. The X70 prices have been reduced by Rs100,000. Its standard variant will now be selling for Rs4.59 million.
The highest change as the car companies reduced car prices in the country was seen in the Toyota Fortuner VVTi, which has seen a price decrease of Rs400,000. Previously the SUV was selling for Rs9.3 million. It can now be bought for Rs8.9 million. Hilux Revo all variants saw a price decline of Rs120,000.
Yaris and Corolla variants saw a price decline between Rs100,000 and Rs120,000.
Suzuki’s top selling car Alto price has been reduced by Rs85,000 for its lowest variant to Rs112,000 for Alto’s top variant. Alto’s standard variant can now be bought for Rs1,113,000. Wagon-R saw the biggest price decline for the company with Rs130,000.
Kia has reduced Picanto’s price by Rs118,000. The hatchback’s basic variant can now be bought for Rs1,781,000. Kia Sorento’s top variant saw a price decline of Rs196,000. The SUV can now be bought for Rs8,203,000.
Honda reduced Civic’s Turbo variant price by Rs135,000. The sedan’s new price is Rs4.56 million. The other two Civic variants’ prices have been reduced by Rs115,000. Civic 1.8 and Civic 1.8 Oriel will now cost Rs3.61 million and Rs3.86 million, respectively. BRV’s price has been reduced by Rs105,000; its new price is Rs3.37 million.
Changan Alsvin variants’ prices have seen a price decrease of around Rs60,000. Alsvin’s top variant Lumiere is now priced at Rs2.59 million; two basic manual and automatic models are priced at Rs2.15 million and Rs2.4 million, respectively.
The minivan Kaarvan variants price has been reduced by Rs100,000. Karvaan Plus is now priced at Rs1.54 million and the basic model is priced at Rs1.4 million.
The government decided to reduce the Federal Excise Duty on all vehicles even above 1,000cc by 2.5%. Sales tax has been reduced on vehicles below 1000cc from 17% to 12.5%. Meanwhile, 7% additional customs duty has been removed on cars below 1000cc and reduced on cars above 1000cc to 2%.
A 2.5% FED was applied on cars below 1000cc; 5% was imposed on cars below 2000cc and above 1000cc; and 7.5% on cars above 2000cc. All these categories will now see a price decline of 2.5%. This means 1000cc and below cars will have no FED. Cars above 1000cc but below 2000cc will have a FED of 2.5%, and cars above 2000cc will have a FED of 5%. – TLTP