Want to buy a car this year? You may get huge discounts. 3 major reasons why

0
118
want-to-buy-a-car-this-year?-you-may-get-huge-discounts.-3-major-reasons-why

Mar 25, 2024 09:29 AM IST

The car market is likely to close the current fiscal on record volumes of 42.9 lakh units.

If you want to buy a car this year, you could likely get lucrative discounts and attractive offers as price hikes could come to an end following long waits for car deliveries during the years of production shortages in the Covid period. As per a report in the Times of India, industry officials and analysts said that this year could be the year when car industry witnesses limited growth as it witness a fall in demand while inventories build up. The car industry has been moving up for past three years.

Cars are seen parked under solar panels at the manufacturing plant of Maruti Suzuki in Manesar, in the northern state of Haryana, India.(Reuters)
Cars are seen parked under solar panels at the manufacturing plant of Maruti Suzuki in Manesar, in the northern state of Haryana, India.(Reuters)

Read more: McDonald’s stores closed in Sri Lanka over poor hygiene: What we know so far

Demand slowdown this year?

But experts told the outlet that the car market is likely to close the current fiscal on record volumes of 42.9 lakh units but the pace at which consumers booked and bought cars during last three years may now see a slowdown.

Hindustan Times – your fastest source for breaking news! Read now.

Read more: Apple acquires Canadian AI start-up DarwinAI: What may change for iPhone users

Will cars be cheaper this year?

Ravi Bhatia, president and director at research firm JATO Dynamics, said as per the report, “There are a variety of factors that will keep growth muted in FY25. Apart from a heavier br, the reasons also include cars getting expensive during the previous years and Covid production shortfall being met subsequently. Also, used cars will take up a share from new car sales, especially in the entry category.”

Read more: Ex-Google recruiter’s advice for job interviews: Don’t say you work too hard as…

The Covid pandemic resulted in severe global shortages in supply of semiconductors which led to huge waiting periods across brands. Pending deliveries rose to as high as 7 lakh units at one point in time but companies slowly increased production as semiconductor availability eased.

How will the car market growth look like this year?

Shashank Srivastava, senior executive officer (sales & marketing) at Maruti Suzuki said, “Going by the current analysis, it looks like growth would be muted, or at best be in low single digit.”

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it’s all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs

  • ABOUT THE AUTHOR
    author-default-90x90

    Follow the latest breaking news and developments from India and around the world with Hindustan Times’ newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we’ve got you covered.

LEAVE A REPLY

Please enter your comment!
Please enter your name here