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Pay Less Now For Luxury Cars
The prices of luxury cars have dropped in the country as carmakers have begun to assemble cars and source engines and parts locally, reports ET. As a result luxury cars now cost between INR 10 lakhs to INR 30 lakhs cheaper, as seen over the last couple of months.
The 3.0-litre Jaguar XJ sedan is now cheaper by INR 25 lakh, working out to a present cost of INR 91 lakh. The Mercedes-Benz S-Class 500 now retails at INR 1.36 crore (ex-showroom Pune), INR 30 lakh less than before. The new BMW X5 is also much cheaper, and is priced at INR 70.9 lakh, INR 10 lakh less than the previous model.
With the increase of luxury car volumes from around 28,000 in FY13 to 35,000 in FY14, local assembly has become more feasible. Jaguar, for example, managed to save costs by assembling cars in Pune and sharing car platforms, thus making them eligible for only 30 percent import duty, unlike imported fully built cars that attract customs duty of 100 percent and more.
Having the ability to sell cars under a crore of rupees has stirred demand, according to Jaguar officials. "It has helped us increase the market share and we have witnessed an impressive response. The price benefits have clearly helped in improving sales," JLR India Vice-President Rohit Suri said.
BMW and Mercedes Benz, on the other hand, source engines for some models from Force Motors, allowing them to control costs and offer cheaper cars.