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Imported Cars To Cost 20 Lakhs To 70 Lakhs More
While the price hike of Indian cars has been limited to some thousands, imported car prices are set to jump up by several lakhs. Expensive car brands such as Ferrari, Porsche, Lamborghini, Rolls-Royce and Bentley sell cars that are worth crores and the price hike will increase their prices ranging between a whopping Rs.20 lakhs and Rs.70 lakhs.
Reports say the price of these imported cars will increase by 20 to 25%. Such a huge price hike might result in a sharp decline in luxury and sport car sales. The 15% increase in customs duty to 75% on cars costing more than Rs.20 lakhs and having engine larger than three litres has effectively made sports cars very expensive to buy.
The market for such high end cars in India has been growing steadily with more than 500 cars being imported last year. This price hike will definitely pose a serious challenge to this sector.
Ferrari, the Italian sport car maker has increased the price of its California convertible from Rs.2.2 crores to Rs.2.69 crores. Its flagship FF four door car's price has gone up by a whopping Rs.70 lakhs from Rs.3.42 crores to Rs.4.12 crores.
Lamborghini has increased prices by Rs.20 lakhs to Rs.40 lakhs for its Gallardo and Aventador. British sports car brand Aston Martin is expected to increase prices in the range of Rs.20 lakhs to Rs.35 lakhs.
The increased prices will mean buyers will either postpone purchases or even cancel them. The waiting period for some of these cars is six to eight months and people who have booked can now decide to cancel considering the steep hike in prices. International car brands which were having big plans for India might also slow down their operations.
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