If you are planning to buy a car as soon as in the year opening 2017, there is some bad news for you. Some major automaker brands this year have announced a price hike in various cars and SUV's sold in the Indian market.
Hyundai has announced a price jump of upto Rs 1 lakh on various models sold in their range. Also Maruti products are also going to witness a price hike of 2% which cater to a large number of audiences. Even Tata has hiked the car prices by about INR 25,000 and companies liek Nissan and Datsun have also increased the prices by Rs. 30,000.
Toyota, Renault and Honda have also joined the trend by increasing their prices by 3% on their line-ups. Even German maker Volkswagen is expected to hike it's prices by about 3%. Chevrolet too has initiated a price hike if about 1-3% on it's products.
Merecedes Benz amongst the luxury cars have also initiated a price hike of about 2%. The automakers have justified the price hike as a result of increase in the cost of rubber,aluminium, fluctuating exchange rates and increased operating expenses.
It is not uncommon for companies to increase the price starting at year opening but this decision is going to affect sales as growth has already slowed down due to demonetization.