January 2021 price increase announced for Maruti Suzuki cars
In a regulatory filing, MSIL has announced an imminent price increase in 2021. The move is a common industry occurrence every year, with manufacturers raising the price of vehicles in small doses, sometimes several times a year.
Maruti Suzuki says: “Over the past year, the cost of the company’s vehicles has been negatively affected due to the increase in various input costs.” This makes it imperative that the company must pass some of the impact of the incremental costs on to customers in the form of a price increase in January 2021. The price revision will vary for different models.
With 2020 coming to a close, an opportunity presents itself to boost year-end sales. That opportunity is the month of December. An impending price hike of CY21 works naturally to prompt buyers to act on car buying decisions in December of each year. The proposition is further enhanced with the launch of special year-end sales offers.
Maruti Suzuki small cars
Taken together, the price difference between expected car prices for the new year and what’s on offer in December each year makes financial sense for certain buyers who want to walk away with an older calendar year car at the peak of the year. new.
2020 has seen the world adapt on many fronts. Following the total and outright shutdown related to the Covid-19 pandemic across the country, the Indian auto industry came to a halt with production activity halted and sales at zero.
The rise since then has been favored by several factors. This includes favorable financial plans with ease of EMI, low base sales in 2019 and stifled demand, among other inputs. A major development has been a change in mindset in which people have been decisive about the need for personal mobility to achieve a semblance of security in their lives.
On this front, Maruti Suzuki finds many winners. The automaker is known for its wide range of small cars. A value proposition so strong that MSIL has a 50 percent market share.
MSIL Smart Finance service for NEXA clients
Smart Finance MSIL The service for NEXA customers is already available in 30 cities. The online, end-to-end, real-time auto finance service is comprehensive and designed for customer flexibility. It focuses on the right financial partner, the most suitable loan product, the completion of all financial-related paperwork, and the disbursement of the loan.
When it comes to car purchases, the availability of financing plays a crucial role in converting a potential customer into a sale. The brand’s NEXA website will act as a facilitator between the client and the financier. For this, MSIL has partnered with 8 funders: HDFC Bank, Yes Bank, ICCI Bank, IndusInd Bank, Cholamandalam Finance, AU Small Finance Bank, Mahindra Finance and Kotak.
