To combat declining sales due to rising inventories, luxury car makers have lined up a slew of offers, from attractive EMIs to guaranteed purchase guarantees, to lure customers this festive season.
The festival season in India usually begins around October and lasts until December.
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Audi India will be offering discounts on service plans, accessories and a host of benefits during the festival season to celebrate the milestone of 100,000 model sales with its ‘100 Days of Celebration’ campaign.
For the first time, the German automotive giant will offer discounts on service plans, accessories and extended warranties, as well as exclusive financing and exchange benefits.
Audi’s best-selling models, the A4, Q5, and Q8, are driving demand.
“We offer special offers for our valued customers, including 10 percent off on service plans and comprehensive service value plans, 20 percent off on genuine Audi products and collections, and 10 percent off on extended warranties and genuine Audi accessories. We have carefully selected the benefits,” said Balbir Singh Dhillon, Head of Audi India.
India’s luxury car market currently accounts for less than 2% of the country’s total passenger car market.
Santosh Iyer, Managing Director and CEO, Mercedes-Benz India, said the company’s ‘Dream Days Campaign’ has received an enthusiastic response.
“This festival season, we have designed an innovative ‘Dream Days Campaign’ that allows our customers to fulfill their desire to purchase a cherished Mercedes-Benz. The campaign has been well received as customers are availing of low EMI, free insurance, depreciation and trade-in benefits. Customers of our battery electric vehicles can enjoy a range of benefits, from 50% road tax relief to exclusive recyclability benefits, making sustainable mobility appealing. ”
Iyer claimed that Mercedes-Benz is seeing “improving customer sentiment this year thanks to strong markets, improved corporate earnings and a number of new products.”
He noted that the festival season typically brings sales growth in the low double digits, helping automakers achieve average single-digit growth last quarter.
BMW Group India has started the season with the ‘BMW JOY Days’ campaign offering various financial packages to its customers.
Interest rates start at 7.75 per cent per annum, which is 40 per cent lower than the standard rate applicable to the 3 Series, and prices range from Rs 41.4 million to Rs 52.9 million.
We also offer attractive EMI options to attract customers.
EMI plans are priced from Rs 49,999, inclusive of BMW Service Inclusive and Registration Fees, and are applicable on BMW 2 Series Gran Coupe and X1.
For some models, the guaranteed purchase price will be up to 74%, based on a two-year loan period and 10,000 kilometers per year, the company said.
Industry analysts say luxury car sales are stable, with slight increases in vehicle prices driving overall revenue growth.
Primus Partners managing director Anurag Singh said overall revenue is also expected to increase as the average value of vehicles is increasing.
The luxury and ultra-luxury sector performed well from April to August. Therefore, many high-profile deals will be offered to customers as OEMs and dealers prepare inventory, analysts said.
“Luxury car manufacturers have been offering discounts on financing, service plans, products and extended warranties for years. In fact, passenger car sales in the 2023 festival season (October-November) will be lower compared to 2022. 11% increase. Festival sales in 2024 are expected to fall between 2022 and 2023 numbers,” Singh added.
Luxury used cars are also attracting attention. Big Boy Toyz, a luxury used car dealership, offers extended warranties and complimentary service packages.
“We don’t just sell cars, we also offer curated experiences,” said Jatin Ahuja, founder of Big Boy Toyz.
First published: September 29, 2024 | 5:05 PM IST