Looking for the best time to buy a car? Massive discounts are out, thanks to an unsold stock of 70-75 days!
OEMs (Original Equipment Manufacturers) are offering incredible deals to clear out their stock, which reached a whopping 7.8 lakh units valued at ₹77,800 crore. Expect more discounts to roll in as dealerships and manufacturers look to move inventory before year-end.
- Massive discounts on cars till 2024-end.
- Hefty cash benefits and accessories add-ons.
- Unsold stock has ballooned to 70-75 days by August-end.
Why the Inventory Surge?
Several factors have contributed to this unprecedented inventory crisis:
- Reduced Consumer Response: Retail sales have dipped with delayed purchases due to low consumer sentiments. In August 2024, PV retail sales declined 4.53% year-on-year.
- High Dispatches by OEMs: Manufacturers have been sending vehicles to dealerships, but retail sales are observing a decreased selling pace, leading to a growing pile-up.
- Delayed Festive Demand: Festivals like Ganesh Chaturthi and Onam didn’t boost sales as expected. Many consumers are waiting for major festivals like Navaratri and Diwali in October.
- Disruptive Weather Conditions: Heavy rains and flooding have disrupted retail operations, causing potential buyers to delay purchases.
FADA President, Manish Raj Singhania, says: “Customers can expect better discounts, especially on models ageing beyond 60-90 days. Dealers are eager to move stock!”
What You Can Expect:
- Car loan perks: Lower interest rates, longer repayment terms, and lower EMIs.
- Extra benefits: Exchange bonuses, free accessories, and quicker delivery times.
- Festive boost: Discounts are speculated to last until the end of Diwali. It may continue until the end of the year.
Best Deals on Popular Models
| Models | Benefits (up to) |
| Maruti Suzuki Alto K10 | ₹ 61,402 |
| Maruti Suzuki WagonR | ₹ 63,100 |
| Maruti Suzuki Swift | ₹ 57,100 |
| Maruti Suzuki Brezza | ₹ 42,000 |
| Maruti Suzuki Baleno | ₹ 57,100 |
| Maruti Suzuki Fronx | ₹ 40,000 + Velocity kit worth ₹ 43,000 |
| Maruti Suzuki Grand Vitara | ₹ 1.23 lakh + Free 5-year extended warranty |
| Hyundai Grand i10 Nios | ₹ 48,000 |
| Hyundai Aura | ₹ 43,000 |
| Hyundai i20 | ₹ 45,000 |
| Hyundai Exter | ₹ 32,972 |
| Hyundai Venue | ₹ 70,629 |
| Tata Nexon | ₹ 80,000 price cut |
| Tata Harrier | ₹ 1.60 lakh price cut |
| Tata Safari | ₹ 1.80 lakh price cut |
| Mahindra Bolero | ₹ 86,500 |
| Mahindra Bolero Neo | ₹ 1.34 lakh |
| Mahindra Thar | ₹ 1.55 lakh |
| Mahindra Scorpio Classic | ₹ 1.20 lakh |
| Mahindra Scorpio-N | ₹ 50,000 |
| Honda Elevate | ₹ 75,000 |
| Honda City | ₹ 1.14 lakh |
| Volkswagen Taigun | ₹ 1.20 lakh |
| Volkswagen Virtus | ₹ 1 lakh |
| Renault Triber | ₹ 50,000 |
| Renault Kwid | ₹ 40,000 |
*Benefits vary from state to state.
Must Read: Why is Honda City the Most Seen Sedan on Indian Roads?
Unbeatable Offers: Don’t Miss Out!
Despite an all-time high inventory, these offers will not last forever. If you seek an entry-level or a mid-segment car, this is your golden opportunity to seal a deal. Discounts are expected to last until the Diwali end and possibly continue towards the end of 2024.
Take advantage of this festive season and drive your dream car away today!
