New Delhi: Come January 2017 and it won't really be a happy New Year for car lovers as major automakers in the country are all set to hike the prices of their four-wheelers by a hefty amount.
And while the automakers have their own reasons for hiking the prices of their cars, one must also note that earlier in March this year, the government decided not to extend the reduced excise duty rates provided to automobiles and consumer durables.
This means higher prices of automobiles. And as a new year approaches, major automakers in the country have already announced a hike in the prices of their cars.
Let's take a look at the amount hiked by the major automakers of of the country.
The home-grown automaker announced earlier in December that was hiking the prices of its cars by up to Rs 25,000 from January 2017.
The reason? To offset increased input costs.
"The increase in prices of raw material commodities like steel, aluminium, copper and rubber over a period of time has put a lot of pressure on us and as a result, we are forced to hike prices of our passenger vehicles," Tata Motors President (passenger vehicle business) Mayank Pareek had said.
The company will hike the prices of its cars from Rs 5,000 to Rs 25,000 depending on the model.
In what could one of the steepest hike of the year, Hyundai Motors said it would increase the prices of its cars by up to Rs 1 lakh from January 2017.
To be effective across all models, the company said the hike was to offset higher input costs, fluctuating exchange rates and marketing expenses.
The company sells a range of passenger vehicles, from entry level small car Eon with a starting price of Rs 3.27 lakh to SUV Santa FE priced at Rs 31.98 lakh (ex-showroom Delhi).
NISSAN MOTORS INDIA:
Japanese automaker Nissan will hike the prices its cars by up to Rs 30,000 from January 2017.
The prices of Nissan and Datsun models in the country will rise by up to Rs 30,000, effective January 2017, Nissan Motor India said in a statement.
The company sells a range of vehicles under the Nissan and Datsun brands starting with entry level small car Datsun Go priced at Rs 3.28 lakh to SUV Nissan Terrano Rs 13.75 lakh (ex-showroom Delhi).
Renault India is planning to increase the prices of its vehicles by up to 2 percent.
Renault India sells five models - Kwid, Pulse, Scala, Lodgy and Duster - priced between Rs 2.64-13.77 lakh (ex-showroom Delhi).
This means that the fully-owned subsidiary of France's Renault SAS is likely to hike the prices of its cars from Rs 2,600 to Rs 20,000 max.
TOYOTA KIRLOSKAR MOTOR:
Come January and Toyota Motor, the global leader in automobiles, is all set to increase the prices of its four-wheelers in India by up to 3 percent.
Toyota currently sells a range of vehicles from hatchback Liva with starting price of Rs 5.39 lakh to premium SUV Land Cruiser 200 tagged at Rs 1.34 crore (ex-showroom Delhi).
This means that the company could hike the prices of its vehicles by up to Rs 3 lakh maximum while the minimum hike could be Rs 5,000 depending on the models.
Effective January 1, 2017, all models of Chevrolet India will be costlier by up to Rs 30,000 depending on the model.
Stating that the primary reason for the price hike is the increase in Foreign Exchange rates and high inflationary cost, the company said it would hike the prices by 1 percent to 3 percent.
“Effective from January 1, 2017, the estimated price increase on all the Chevrolet cars will range between 1% to 3% depending on the product and variant which will make vehicles approximately Rs 30,000 higher in 2017,” the company said in a statement.
GM India sells a range of vehicles from the hatchback Beat at a starting price of Rs 3.95 lakh to SUV Trailblazer tagged at Rs 24.37 lakh (ex-showroom Delhi).