After the price reduction series, car companies seem inclined toward the installment offer saga thanks to low sales and record-high prices. Following Pakistan Suzuki Motor Company (PSMC) and JW Forland, the old player, Toyota Indus Motor (IMC), has also announced an enticing installment for its prominent models including Corolla, and Yaris.
While collaborating with Bank Al Habib, Toyota Pakistan’s finance Offer allows you to turn your dream of owning a car into a reality.
Here’s what you can look forward to:
- Exclusive Financing: Benefit from an exclusive mark-up rate of 1 Year KIBOR + 2.5%, making your dream car more affordable
- Low Insurance Rates: Enjoy an exclusive insurance rate of just 1.9%, ensuring peace of mind on the road.
- Toyota Protection Plan: Safeguard your investment with Toyota’s renowned protection plan.
- Extended Warranty: Receive a free 4th-year extended warranty, enhancing the longevity of your vehicle.
- Priority Delivery: Get priority delivery, ensuring you hit the road in your new Toyota without delay.
Terms and conditions apply, and this offer is exclusively for TPP customers of Corolla on select variants while stock lasts.
The Price Drop Saga
Earlier, the established players, including new entrants, decreased their car prices massively. Peugeot Pakistan, a subsidiary of Kia Lucky Motors, Pakistan Suzuki, Changan Pakistan, and JW Forland were on the list. The whole episode communicates a simple message that high car prices have not only ceased the purchaser power of customers but also pushed the sales volume to a historic low.
Interestingly, escaping a new GST slab is another factor contributing to the sudden and staggering price drop observed last week. Ali Khizer, the famous economist, pointed out that after price reductions, the new rates range between Rs. 4.69 million and Rs. 4.77 million.
It is important to remember that before the price revision, the range was between Rs. 4.83 million and Rs. 6.28 million, so this is a very noticeable revision. There is a reason for the new prices of all four cars mentioned above to remain below Rs. 4 million without GST. But why? The answer is simple: the 25% GST on cars.
What do you think about the Toyota Indus Motor’s recent installment offer? Tell us in the comments section.
This offer might not appeal to everyone as it involves conventional car finance which is not sharia compliant. An alternative financing option, similar to the one offered by Chery Pakistan, could be more inclusive. In that program, customers pay half the cost upfront and then the remaining half in equal monthly installments over 12 months.
1 Year KIBOR + 2.5% means approx 23% to 24% minimum rate will apply. I don’t think it make any difference on sale of Toyota.
Time will tell but with current rate nothing is workable other than mega discount like Suzuki swift or kia atomic.
Stop buying Toyota and the price drop will be more effective
Agreed to Rashid and KD. There’s nothing new in scheme but a conventional one. Toyota is just kidding so beware.