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Get ready to pay more for cars this New Year

Source: PTI
Last updated on: December 15, 2014 18:39 IST
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Cars are set to cost more as manufacturers plan to hike prices from January. 

Maruti Suzuki plans to hike prices of all models in the range of 2 to 4 per cent from January due to rising input costs.

Hyundai Motor India will also raise prices of its entire product portfolio in the range of Rs 5,000 to Rs 25,000 from next month, in order to partially offset rising input costs, the company said on Monday.

Hyundai, which is the second largest car maker in the country, currently sells ten models across the Indian market.

"In these adverse market conditions, the price increase is necessitated on account of increase in input costs, high cost of imports due to higher rupee depreciation and high cost of sales," Hyundai Motor India Ltd Senior Vice President, Sales and Marketing, Rakesh Srivastava said in a statement.

The company has been absorbing most of the costs but is now constrained to consider price increase across all models in the range of Rs 5,000 to Rs 25,000 which will be effective from January 2015, he added.

The company's entry level compact car Eon is priced between Rs 2,87,000 and Rs 3,89,000 while its costliest model sports utility vehicle Santa Fe is priced between Rs 25,60,000 and Rs 28,41,000 (all prices ex-showroom Delhi).

The company's other models include Santro, i10, Grand i10, i20, Xcent, Verna, Elantra and Sonata.

Last week German luxury car maker BMW had announced its decision to raise product prices in India by up to 5 per cent with effect from first week of January.

General Motors India had also announced the decision to hike prices of its entire product portfolio by up to Rs 20,000 from January in order to partially offset rising input costs. 

Photograph: Indian AutosBlog

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