The ‘own-money’ attitude is becoming a big issue for car buyers in Pakistan, as dealers have considerably hiked premiums on vehicle pricing. Own-money rates of up to Rs. 1 million are reportedly being charged by car dealerships over the MSRP (Manufacturer’s Suggested Retail Price).
Own-money is an illegal premium that car dealers charge consumers above the MSRP of a vehicle in exchange for early delivery or the option to purchase it on the spot.
Due to global supply chain issues such as a shortage of semiconductor microchips, a scarcity of containers and port staff, and a scarcity of raw materials, the lengthening of delivery periods is facilitating the own-money culture, as dealers charge customers huge amounts of illegal premiums on vehicle MSRPs.
According to sources, own-money prices for crossover SUVs such as the Kia Sportage, Hyundai Tucson, DFSK Glory 580, and MG-HS start at Rs. 700,000. He also mentioned that the amount of own-money on the MG HS, which was sold at a premium of Rs. 1 million a few days ago, has recently fallen.
The automakers, on the other hand, are blaming the delays on an ongoing supply chain issue. However, there are a number of brand-new vehicles on the market that are being sold at astronomically high premiums.
