A late model Mehran Euro II is worth 10-11 lacs nowadays - 12 lacs worth of cash isn't much nowadays. You can pretty much only get an old Cultus or Mehran if you want a new-ish car (2-4 years old)
Pakwheels price calculators are outdated - they haven't taken into account massive rupee devaluation and the corresponding increase in price of new and used cars.