Good News For Car Buyers!

The government of Pakistan and the International Monetary Fund (IMF) have reached an agreement to lift the ban on the import of used vehicles.

According to details, major changes are expected in the policy regarding used car imports in the upcoming federal budget. The government and the IMF have agreed to end restrictions previously imposed on the import of used vehicles.

The tax rate on used vehicles will be kept 40 percent higher than that on new vehicles. The IMF believes that to increase competition in the auto sector, trade barriers should be removed—especially by making it easier to import used cars—so that prices can come down.

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On the other hand, lower interest rates and improved economic conditions have led to a significant increase in car sales. It is worth noting that during the first ten months of the current fiscal year, car sales have increased by 40 percent. From July to April, 111,464 vehicles were sold.

In comparison, 69,596 vehicles were sold during the same period last fiscal year. In April alone, 10,596 vehicles were sold, marking a 1 percent increase compared to April 2024.