The number of cars sold soared by a massive 114% to 24,918 units due to decline in mark-up rate for auto financing coupled with a reduction in car prices.
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Buyers remained upbeat to cash in on the opportunity of low interest rate of 7pc which was 13.5pc in March 2020. AFP/File
KARACHI: Low interest rates and buyers’ enthusiasm for locally-assembled cars have taken auto financing to a historic high of Rs308 billion as of June 2021, up by 3.6 per cent month on month and 46pc since June 2020, shows the data released by the State Bank of Pakistan on Monday. The total car financing saw a jump of Rs97bn compared to Rs211bn in June last year, according to the SBP figures .
Despite high prices of locally-assembled cars in the last one and a half years followed by late deliveries and high premiums, buyers remained upbeat to cash in on the opportunity of low interest rate of 7pc which was 13.5pc in March 2020.
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