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!
Also See: 7 Reasons Behind Tata Nexon’s Success in India