Car sales have plunged in India in the wake of the economic slowdown. In a bid to revive the auto sector, the government has cut the central value-added tax (Cenvat) by 4 per cent, making cars across the board much cheaper.
All car manufacturers -- Maruti, General Motors, Ford, Skoda, Hyundai, Tata Motors, Honda Siel, Toyota Kirloskar, Hindustan Motors, Mahindra & Mahindra and General Motors -- have cut prices from Rs 7,000 to Rs 60,000 on all models.
Two-wheeler and three-wheelers will also be cheaper with Hero Honda and Bajaj cutting prices. This thus is the best time to buy a car or a bike. What's more exciting, this comes after petrol and diesel prices have been slashed.
And if you are planning to take an auto loan, here's some good news, some of the PSU banks -- like Punjab National Bank and Canara Bank -- have already cut loan rates. Others banks are likely to offer lower rates soon.
"There will be a rate cut on auto loans from all banks. You can negotiate hard with the dealer and get a good deal this month," says a bank executive. The move has also been welcomed by car dealers, who are going through a rough patch.
"We are getting a good response from customers after the price cut," says a Maruti dealer, who is offering huge discounts. Take a trip through the price and discounts on cars across the spectrum.
Looking for cars or bikes? Check this out!
Image: Maruti Swift. | Photograph, courtesy: Maruti Website
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