January 2021 price increase announced for Maruti Suzuki cars
In a regulatory filing, MSIL has announced an impending price hike in 2021. The move is a regular industry occurrence each year, wherein manufacturers increase vehicle price is small dozes, sometimes multiple times a year.
Maruti Suzuki says, ‘Over the past year, the cost of company’s vehicles has been impacted adversely due to increase in various input costs.’ This makes it imperative that the company needs to pass on some of the additional cost impact to customers in way of a price increase in January 2021. Price revision will vary for different models.
With 2020 coming to a close, an opportunity to boost end of year sales presents itself. That opportunity is the month of December. An impending CY21 price hike works naturally to prompt buyers to act upon car buying decisions in December each year. The proposition is further enhanced with the rolling out of special end of year sales offers.
Maruti Suzuki small cars
Collectively, the price difference between expected new year car prices and what’s on offer in December each year makes financial sense to certain buyers who are keen to walk away with an older calendar year car at the cusp of the new year.
2020 has seen the world adapt on many fronts. Following complete and absolute nationwide Covid-19 pandemic related lockdown, the Indian auto industry came to a standstill with production activity halted, and sales at naught.
The upward climb since then has been helped by a number of factors. This includes favourable finance plans with ease of EMI, low base sales in 2019, and pent up demand, among other inputs. A major new development has been a mindset shift wherein folks have been decisive about the need for personal mobility to bring about some semblance of safety to their lives.
In this front, Maruti Suzuki finds many winners. The auto manufacturer is renowned for its wide range of small cars. A value proposition so strong that MSIL commands a 50 percent market share.
MSIL Smart Finance service for NEXA customers
MSIL Smart Finance service for NEXA customers is now available in 30 cities. The online, end-to-end, real time car finance service facility is comprehensive and curated for customer flexibility. It focuses on the right finance partner, best suited loan product, completion of all the finance related formalities and loan disbursement.
When it comes to car purchases, availability of finance plays a crucial role to convert a lead into a sale. The brand’s NEXA website will act as a facilitator between customer and financier. For this, MSIL has partnered with 8 financiers: HDFC Bank, Yes Bank, ICCI Bank, IndusInd Bank, Cholamandalam Finance, AU Small Finance Bank, Mahindra Finance and Kotak.
