Come January 2019, carmakers like Tata, Skoda, Toyota, and BMW will increase the new car prices. Individual statements from the companies can be found below, but the maximum price hike is said to be up to 4 per cent.
Tata Motors says it’s the rising input costs and fuel prices that has pushed the brand to take the decision. It increases new car prices by up to Rs 40,000. Skoda on the other hand says the input and freight costs (both domestic and import) is the reason behind the increase. The Czech carmaker will increase its new car prices, effective from January 2019, by up to 2 per cent.
BMW, which was among the first to announce the increase, gave its customers quite some time to do their car shopping this year itself. From next month, its cars will be dearer by up to 4 per cent. Another carmaker that’s announced a hike by 4 per cent is Toyota. The Bangalore-based arm of Japanese manufacturer blames the ‘continuous pressure of increasing manufacturing costs’.
To offset the hike, Skoda has also established a new ‘Buy Now and Pay in 2020’ campaign. As the name suggests, the scheme enables prospective buyers to enjoy ‘a 12-month EMI holdiday programme’. BMW also offers attractive finance scheme, and we’re certain so do other manufactures listed here, through their own or third-party companies.
Tata Motors’s President for Passenger Vehicle Business Unit, Mayank Pareek said, “The changing market conditions, rising input costs and various external economic factors have compelled us to consider this price increase. We are optimistic on maintaining our growth trajectory in the coming year on the back of our robust portfolio consisting of segment-leading products like TIAGO, HEXA, TIGOR and the NEXON. Early 2019 will also mark the entrance of our most awaited SUV – the HARRIER. We are confident that the HARRIER will receive all the love from our existing and prospective customers and will further help us in strengthening our brand salience.”
Skoda Auto India’s Director for Sales, Service, and Marketing, Zac Hollis said, “There has been a surge in the cost of our inputs for production due to significant volatility in the global commodity prices and foreign exchange rates in recent times. ŠKODA AUTO India has been absorbing these incremental costs all this while but is now considering a price increase of up to 2% with effect from 01 January 2019 across its model range.”
BMW Group India’s Chairman, Vikram Pahwa said, “BMW India remains at the forefront of the luxury car market, offering ‘Sheer Driving Pleasure’ through its aspirational products and unmatched levels of customer centricity. From 1 January 2019, BMW India will increase the prices of its cars by up to 4%. BMW India will continue to present an extremely attractive value to its customers through pioneering products, best-in-class service experience and comprehensive financial solutions and offers from BMW India Financial Services.”
Toyota Kirloskar Motor also announced, “There has been an impact in the cost of manufacturing of vehicle primarily due to rupee depreciation. Toyota has been absorbing the additional costs all this while, protecting the customers from price increase. However, due to the continued pressure of high costs, we have to pass on a part of it to customers. Toyota is considering a price increase of upto 4% across models with effect from 1st Jan 2019. We would like to express our gratitude to our valued customers for the never ending trust and loyalty towards Toyota Products.”
Image of the Skoda Octavia vRS used for representation only. Also, do you know, while the current lot of Octavia RS has been sold, Skoda India might just bring the more powerful RS 245? Read more about it here.