Not A Happy New Year For Car Buyers, Here Are 10 Brands Whose Cars Will Cost More In 2016
It is not really a very happy new year for prospective car buyers.
With the change in the calendar year, several automobile manufacturers raised prices of their cars citing rise in input costs.
ET
On an average, car prices have gone up between 2% and 5% since Friday - January 1. Companies like Maruti Suzuki, General Motors, Hyundai, Nissan, Renault, Skoda, Toyota and Tata Motors had already announced last month that they would be increasing prices of their cars due to a rise in input costs. "It (price increase) will be effective from January 1, 2016 and will vary across models. It will be up to Rs 20,000," a Maruti Suzuki spokesperson had said.
Rakesh Srivastava, senior vice president for sales and marketing, Hyundai Motor India, had also said that rise in component costs was the primary reason for the hike. "In these challenging market conditions, we are constrained to consider the price increase on account of factors like increase in cost of components and weak rupee," he had said.
Here are the 10 brands which have most definitely raised their prices:
- Maruti Suzuki: Up to Rs. 20,000
- Hyundai: Up to Rs. 20,000
- Nissan: 3% Hike
- Renault: 3% Hike
- Skoda: Up to Rs. 50,000
- Toyota: 3% Hike
- Tata Motors: Up to Rs. 20,000
- Honda: Up to Rs. 16,000
- Mercedes Benz: 2% Hike
- BMW
Even luxury car manufacturers BMW increased prices on its range of BMW and MINI.
""The increase in prices is in continuation of our endeavour to offer the most aspirational and exceptional products to our customers and on adding more value to their overall ownership experience," BMW India had said in November. Market analysts believe that car sales in at least the first two months of 2016 is likely to be slow due to the rise in prices. This, coupled with the fact that many buyers are eagerly waiting for newer cars in the Auto Expo to be held early February, can result in lower bookings and footfalls at dealerships across the country.
