Restrictions on import of used cars relaxed
ISLAMABAD: The Ministry of Commerce made revisions to the Import Policy 2022 on Thursday, easing restrictions on the import of used and unregistered vehicles.
According to the updated policy, the government now permits the importation of used cars with a mileage of up to 2,000 kilometers, contrasting with the previous regulation which restricted imports to vehicles with a maximum mileage of 500 kilometers.
Under the revised import policy, vehicles with mileage not exceeding 2,000 kilometers will be classified as “new,” as outlined in the ministry’s notification.
It’s noteworthy that imports significantly impact the…
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Retail prices stabilizing as used sales growth returns
Consumer demand, speed of sales and transactions in the used car market all rallied in February, according to the latest data from Auto Trader.
Despite such favorable market conditions and robust underlying market health, average retail prices were down -8.3% year-on-year (YoY), marking the sixth consecutive month of decline.
There are signs, however, of retail prices stabilising, with February recording the lowest rate of month-on-month (MoM) contraction (-0.6%) since October 2023.
Demonstrating the strength of the used car market, Auto Trader recorded circa 81.7 million cross platform visits to its marketplace in February, which was a 9.4% increase on the…