It isn’t exactly news that the automobile sector in the country has been going through a crisis for a while now. Fuelled by a number of factors, such as the belated effects of demonetisation, the Non-Banking Financial Companies sector (which was one of the biggest financers in the automobile industry) facing a loss of faith and an erosion of its credibility, newer and more stringent safety regulations being imposed, higher taxes, and a resultant overall fall in demand, the automotive industry has witnessed the closure of over 280 dealership outlets across the country and close to about 2 lakh 30 thousand jobs being lost. And all of this, at a time, when growth has slowed down to a snail’s pace and unemployment is at an all time high.
However, with festive season around the corner, there is a slight ray of hope, as to a much coveted increase in demand, seen by manufacturers and dealerships all across. And they’re willing to leave no stone unturned in their efforts to build on this opportunity, competing fiercely with each other in terms of the sops and discounts being offered to potential customers. Just about every automotive company in the market, be it Maruti Suzuki, Tata, Toyota or Hyundai, has put the pedal to the metal in its marketing campaign, trying to find increasingly innovative ways to target customers. No longer are dealerships the prime spots wherein deals are made; salesmen are landing up at doorsteps, in public spaces, even trying to woo diverse segments of consumers, such as doctors, corporate professionals, and defence personnel.
Even the deals on offer are of a wide variety, including discounting offers on exchanges, cashbacks, extended warranty periods and lucrative financing options through tie-ups with different banking and non-banking institutions. Maruti Suzuki, for example, is offering benefits of up to ₹1 lakh on the Vitara Brezza, including an extended 5 year warranty which can even be monetized if you do not wish to opt for it. The Dzire, on the other hand, is being offered with up to ₹90,000 worth of benefits for the diesel model of this compact sedan, and up to ₹60,000 on the petrol variant. There are deals on other Maruti Suzuki cars as well, such as the Wagon R, Omni and Eeco.
Tata Motors is not too far behind either, offering benefits ranging from up to ₹90,000 on its SUV Hexa, to about ₹40,000 worth of exchange benefits on the Tata Harrier that has lately been making waves in the SUV segment in India. Other cars from Tata with exciting discounts and exchange benefits on offer include the Bolt, Zest, Safari Storme, Tigor, Nexon, and the Tiago. Tata Motors is also offering discounts based on the model year of the car, especially for the current year and the previous one. The 2019 Hexa is being offered with discounts of up to ₹1.5 lakh, while the 2018 model of the Tigor has offers valued at ₹1.17 lakh.
With every company trying to outdo the other in terms of incentives, the cars topping the charts, based purely on the value of the benefits being offered, would be the Hyundai Tucson and the Hyundai Elantra, both of which have offers with benefits to the customer valued at ₹2 lakh. And given the range and value of the benefits that all of these car giants are offering, it certainly does seem to be festive enough a season to indulge in some car shopping!