Car Prices to Increase: If you are also thinking of buying a new car, then buy it in 2024 only, because car prices are going to increase in January 2025. After Maruti Suzuki, Hyundai and Tata Motors, Honda Cars India has also announced to increase the prices of its cars.
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Car Prices to Increase
Honda Vice President Marketing Kunal Bahl said that the prices of Honda cars will increase by 2%. The new prices will come into effect from January 2025. Bahl further said that the company is making continuous efforts to ensure that the cost increase does not affect its customers. He said the pricing of the recently launched third-generation Amaze will be reviewed in mid-January.
Reason for Car Prices to Increase
Before this, other automobile companies like Maruti Suzuki, Hyundai Motor India, Mahindra & Mahindra, Mercedes-Benz, BMW, and Audi have also announced increases in the prices of their vehicles from January 2025. Companies are taking such a decision due to an increase in overall manufacturing cost due to an increase in input cost and logistics. All automobile companies have given the same reason.
Tata Vehicles will Become Costlier By 3%
Tata Motors will increase the prices of its passenger vehicles by up to 3% from January 2025. This includes petrol, diesel, and electric models. The company said in the statement that it is going to increase the prices of vehicles to partially reduce the impact of the increase in raw material costs and inflation. This increase in prices will vary depending on the model and its version.
Car Prices to Increase: JSW MG Motors India will Increase Prices By 3%
JSW MG Motor India will increase the prices of all its models by up to 3% from January. The company said that the price increase is being done due to the continuously increasing cost of auto parts, exchange rate impact, and increase in logistics expenses.
Car Prices to Increase: Kia Cars will be 2% Costlier
Leading premium carmaker Kia India has announced a 2% increase in prices of all its models. The new prices will be applicable from 1 January 2025. The company said the price increases are being driven by rising commodity prices and rising supply-chain costs.
Prices of Hyundai cars will increase by ₹25,000
Hyundai Motor India Limited (HMIL) announced an increase in prices of all its models by up to Rs 25,000. The new prices will be applicable from January 1. The reason for the increase in prices is the increase in input costs. HMIL said in the statement that the price increase will be done on a variant-wise basis on all models and will be increased up to a maximum of Rs 25,000.
Maruti Suzuki cars became costlier by 4%
Maruti Suzuki said that, due to rising raw material costs and operational costs, car prices will be increased from January 2025. The price increase will be up to 4% and will vary depending on the model. However, the company continuously strives to optimize costs and minimize the impact on its customers.
Mahindra & Mahindra vehicles will also become costlier by 3%
The company will increase the prices of the entire range of sports utility vehicles (SUV) and commercial vehicles (CV) in its portfolio by up to 3%. Mahindra & Mahindra had said in an exchange filing on Friday (December 6) that the increased rates on vehicles will come into effect from the beginning of January 2025.
Year-end car price hike announcements are rolling in!@KiaInd has announced a price increase of up to 2% across its entire lineup, effective January 1, 2025.
— Balachandar G (@BalascribeG) December 9, 2024
"The hike is primarily driven by rising commodity prices and escalating supply chain costs," the co stated.@businessline pic.twitter.com/MgGfIV5gQq
Reasons for every year’s Car Prices to Increase
- Car manufacturers cite costlier components, input costs, and increases in company operating expenses as the main reasons for implementing the price hike from January.
- Industry experts say that auto companies announce price increases in December so that people buy vehicles before the New Year. Otherwise, customers postpone buying a car due to fear of increased prices in the new year.
- Apart from this, companies also have to vacate last year’s manufacturing stock. If the customers do not buy the vehicle in the last months of the year, then the manufacturing of the vehicle looks one year old in the new year. That’s why companies also give more offers on cars.
Jay Chavda He is the Founder and Writer of businesspulsecare.com. He is an I.T Engineer, Freelancer, Businessman. He posts Business, Stock/Share Market, Finance Related News and updates on the website. 🔗