With the festive season rolling in, carmakers are offering increased discounts in a bid to boost sales, with incentives ranging from Rs 20,000 to Rs 3.15 lakh across brands.
Car manufacturers are offering increased discounts of up to Rs 3.15 lakh during the festive season in a bid to boost sales. Look at these factors before buying your car
With the festive season rolling in, carmakers are offering increased discounts in a bid to boost sales, with incentives ranging from Rs 20,000 to Rs 3.15 lakh across brands.
Car manufacturers usually offer discounts during the festive season, but the dip in sales last month by 4.53 per cent is one of the major reasons why they have started offering huge discounts this season, according to rediffnews.
Leading companies, such as Maruti Suzuki, Hyundai, Tata Motors, Mahindra & Mahindra, and Honda Car India are offering discounts. The average discounts by the top 13 players in 2024 is Rs 38,816 as against Rs 34,630 in 2023.
During the 2023 festive season, the discounts ranged from Rs 25,000 to over Rs 1 lakh across various models, marking a 40-45 per cent increase from 2022 levels.
According to data shared by Jato Dynamics, this year, a substantial surge in discounts has come from Toyota and Honda. Toyota’s average discounts jumped 140 per cent to Rs 49,914 this year, compared to Rs 20,795 in 2023. Similarly, Honda saw a 120 per cent rise in discounts during the same period, from Rs 15,412 to Rs 33,930. Volkswagen is offering a 70 per cent increase in discounts, while Tata Motors, Hyundai and Mahindra & Mahindra is giving around 64 per cent, 50 per cent and 29 per cent year-on-year (y-o-y) increase in discounts.
Here are the current offers from major car brands.
Tata Motors: Tata Motors is offering competitive offers on electric vehicles (EVs) and popular models, such as Nexon and Harrier. Prices of Nexon EV have been reduced by up to Rs 3 lakh, and while that on Punch EV by up to Rs 1.2 lakh. Prices on Tiago EV have been cut by Rs 40,000. In addition to price reductions, Tata.ev is offering six months of free charging at over 5,500 Tata Power charging points across India.
Maruti Suzuki: The car maker is offering discounts from Rs 40,00 to Rs 61,402 across its range.
Hyundai: The Korean car maker is offering cash discounts and benefits on models, such as Grand i10 Nios, i20, Verna, Venue, and Tucson.
Factors To Check Before Locking In On Deals
Before purchasing a vehicle, consider exchange bonus, as many manufacturers offer additional incentives for trading in old vehicles, thus increasing the overall savings for buyers.
Further, some companies are bundling free accessories or lifestyle kits with vehicle purchases, adding further value to the offers. But steer clear of unnecessary add-ons, such as rustproofing or dealership maintenance plans.
If you are buying a new car, don’t just look at the discounts on offer, but also consider factors, such as features, mileage, and resale value, as technology is undergoing rapid change.
If you drive over 50 km daily, an EV might be a good investment, but be mindful that taking long trips could be a challenge, because of the delay seen in developing charging infrastructure in India.
Most importantly, research extensively before visiting dealerships, and at the dealerships, test drive multiple models. Also, avoid disclosing a trade-in intention early on. Also relook at the financing options available at the dealerships and check if a loan from a bank is more beneficial. Also enquire about the loan offers from multiple banks before choosing one.