This is the best time to buy cars, you will get huge discounts on several models.

If you are planning to buy a new car, this may the best time. To boost sales amid tepid demand, car companies have announced several schemes like cash discounts, extended warranty, and free insurance, while country's biggest lender State Bank of India (SBI) has announced waiver of processing fee on car loans.

Ahead of the festive season, almost all car companies including market leader Maruti, Hyundai, Honda, Toyota, Mahindra are giving huge discounts on several models.

Maruti is giving heavy discounts of Rs 70,000 on its popular models like Dzire and Swift, while Hyundai has also announced discounts of as high as Rs 1 lakh on its i10, Xcent, and Verna models. Not far behind, Honda cars like Amaze and City are being offered with discounts of nearly Rs 50,000.

Besides heavy discount by the carmakers, SBI has also announced that customers can avail 90% of the car’s on-road price at a fixed interest of as low as 8.7%, with no escalation in interest. Apart from that, the bank has announced that a concession of 25 bps on the interest rate will be given to those customers who will apply for a car loan via a digital platform.

Here is a list of discounts on some models:

Some customers are waiting for a decision on Goods and Services Tax (GST) as the industry is demanding a lower tax on cars to boost demand. But, in case of any GST cut, according to reports companies will pass on the reduced GST benefit to the consumers but other discounts will be discontinued.

Companies are giving heavy discounts to boost sales and clear stocks of outgoing BS4 diesel models. Maruti Suzuki is offering free 5 year/1 lakh km warranty on the BS4 diesel models of Swift, Dzire, S Cross and Vitara Brezza. Maruti will to discontinue its diesel engine cars after April 1, 2020.

Auto sales have been falling almost every month in the past year. The sales fell 31% in July to a two-decades low level.

News Source: Economic Times, Url:

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