LAHORE: The business of used cars import is thriving as 9,569 used vehicles were imported in the first three months of fiscal year 2014-15 as compared to 5,863 units in the same period last year, showing a huge growth of 63 per cent.

According to Pakistan Association of Automotive Parts and Accessories Manufacturers, though import of used cars is allowed only to Pakistanis living abroad under transfer of residence, personal baggage and gift schemes under import policy order, this policy is being massively abused by used car traders with the support of some customs appraisement officers. In a statement, Siddique Misri, chairman of the association, said despite cut in duty and taxes rates on hybrid vehicles dealers have failed to bring down prices.

He maintained that despite a huge relief, the price of 1300cc three-year-old Honda Insight which was available at Rs 1.5m in January 2013 witnessed an increase of 27pc and was now being sold at Rs1.9m. Similarly, price of three-year-old 1800cc Toyota Prius was increased from Rs1.9m in January 2013 to Rs 2.5m in September last. He said the prices of non-hybrid vehicles were also increasing. The FBR, he said, should conduct strict audit of dealers as they are making huge profits.

Published in Dawn, November 1st, 2014