If you are thinking of buying a car, consider re-evaluating your options carefully, before proceeding with the decision.
Car-owners have already been stung by higher fuel rates. A major reason has been attributed to the rising cost of diesel and petrol. Consumption of fuel in the country for July according to a report grew steadily by 8% but so have prices- an average 4%.
And if not costly fuel, there is news that car manufacturers may be forced to increase their costs owing to rising forex rates.
On Thursday, the PTI quoted a senior Maruti Suzuki official who confirmed that prices of popular models could go up as much as Rs 6100 (ex-showroom Delhi).
RS Kalsi, the senior Director for Marketing and Sales at Maruti Suzuki India said that his company had been studying the movement of commodity prices for some time now.
Maruti imports quite some products, that go into manufacturing a car, and a rise in exchange rates, has an impact on its final cost. Besides, rising forex rates have also meant costlier fuel, which in turn has lead to a rise in the cost of logistics.
A 4% price-hike on models such as Alto, WagonR, Swift and even Ciaz is what most news reports speculate, but Maruti is yet to confirm on that percent.
Besides Maruti, other manufacturers such as Mercedes-Benz, Mahindra and Mahindra, Tata Motors, Honda Cars India too have suggested that they may consider a rate hike. A hike to remain in-sync with rising input costs owing to prevailing forex rates.
At the time of writing this story, the Dollar traded at 70.09 against the Indian Rupee.