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Due to the current economic situation, many industries in Pakistan have been badly affected. One of these is the automobile industry. As compared to last year, automobile prices have increased by around 50%. Currently, some automobile manufacturers are shutting down their production, and are not accepting any further bookings.
Point of discussion:
In your opinion, are economic factors affecting the price hike in the automobile industry? Support your position with at least three logical arguments. (6 Marks).
Solution By ConceptsBuilder
The costs of new vehicles and trade-in vehicles have gone up fundamentally. As per a report distributed by the Consumer Price Index in August, the general cost of a vehicle has gone up 32% when contrasted with a year sooner. In particular, utilized vehicle costs are up 42% when contrasted with the primary quarter of 2020, which was just before the pandemic significantly affected the economy in general, including the auto market.
Expansion Is Playing a Role
Many individuals are worried about expansion, as it is adding to an ascent in staple labor and products. Expansion is likewise adding to an ascent in vehicle costs. As per the Consumer Price Index, expansion bounced by in excess of five percent in June when contrasted with costs only one year prior. This is the most elevated expansion rate in over 10 years, and it could assume a part in rising vehicle costs too.
The Lack of New Cars Is Impacting the Used Car Market
Since there are not much of new vehicles accessible, this is causing the trade-in vehicle market to significantly ascend in cost. Individuals who might be buying new vehicles are currently buying utilized vehicles. Since there is more interest for utilized vehicles, the cost is going up. Moreover, a many individuals are reluctant to exchange their vehicles since they realize they will struggle with tracking down another vehicle. This is all prompting a drop in the trade-in vehicle supply, driving up costs.
Rental Car Companies Are Also Buying Up Used Cars
Another component that is prompting an ascent in utilized vehicle costs is rental vehicle organizations. During the pandemic, a many individuals didn’t travel, so there were not as many individuals leasing vehicles. A ton of rental vehicle organizations auctions off their trade-in vehicles since they believed they wouldn’t require them soon.
