Car Companies set set to Increase Prices from January 2020
Date: December 6, 2019
Car Manufacturer set to increase Prices from January 2020 in India. A Price hike announcement done by Maruti, Hyundai, Honda, Toyota
Car Prices set to Increase in January 2020
Starting New Year is what the Profitability aspect improves for Car Manufacturers
» Hike in Car Prices by 1% to 3% done by Car Manufacturers
» Even Discount Schemes as been rolled in December are curtailed to an extent on New stock Models sold in 2020
This is the practice been followed by Car Manufacturers year on year where they state that Price Hike is due to
» Rising Input Cost
» INR Depreciation against USD
As can be seen that conversion rate was Rs 68.38 against 1 USD in July 2019 which is slipped by over 4% to 71.32 in December 2019. This has certainly led to impacting production cost of Manufacturers
An Official announcement has already been done by Maruti Suzuki, Tata Motots where they have announced Price Hike and in case of Kia Motors they have sent an Internal circular to all Kia Dealerships about substantial price hike.
Needless to mention - Other Manufacturers too would be what joining in with Hyundai, Toyota, Honda, Ford, MG Motor, Mahindra, Volkswagen, Skoda, Nissan, Renault can follow in same to increase prices in January 2020, expeectedly from 1% to 3%.
Even Luxury Car Manufacturers like Audi, BMW, Porsche, Mercedes Benz will too follow in Price Hike in there Car Range.
Do Note: The Price Hike can be further accentuated to even a higher extent if Manufacturer introduces in Upgraded BS6 Compliant Engine which can act as double whammy to make car prices increased to a much higher extent.
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Also are the High Discount Schemes on Cars as in Year End 2019 likely to be reduced considerably lower in January 2020.
So this will make Cars Dearer. In terms of dates - generally Car Manufacturer do Price Hike Announcement anywhere in between 1st Week to 2nd Week of January 2020