UP promotes green drive, Zero registration fee for hybrid cars
Prices of several cars from Maruti, Tata, Mahindra, Honda, and Toyota have been reduced by up to several lakhs of rupees. Let’s find out which cars have become cheaper and by how much?
Are you planning to buy a car anytime soon? Then here’s some great news for you! Now you will have to pay less money for your dream car than before. Prices of several cars from Maruti, Tata, Mahindra, Honda, and Toyota have been reduced by up to several lakhs of rupees. Let’s find out which cars have become cheaper and by how much?
The Yogi Adityanath government has recently waived the registration fees for strong hybrid cars to promote eco-friendly vehicles. After waiving the registration fees, the on-road price of strong hybrid cars has been reduced by up to ₹4 lakh, as reported in Business Standard, citing sources from the automobile industry.
What is a strong hybrid car?
A strong hybrid vehicle has both a combustion engine (fuel engine) and an electric motor. Under certain conditions, the vehicle operates on the electric motor, such as when driving at low speeds in the city. When the driver accelerates, the fuel engine takes over from the electric motor. This setup increases the vehicle’s mileage.
The report states that the policy change will reduce the on-road price of strong hybrid cars by about 10%. For example, the Maruti Suzuki Grand Vitara has become approximately ₹2 lakh cheaper in Uttar Pradesh. Similarly, the on-road price of the Invicto has been reduced by about ₹3 lakh. The ex-showroom prices for the Grand Vitara and Invicto strong hybrid models are ₹18.43 lakh and ₹25.21 lakh respectively.
Besides Maruti’s Grand Vitara and Invicto, Toyota’s Hyryder and Innova Hycross, as well as Honda’s City e:HEV, are also strong hybrid vehicles covered under this offer.
Auto shares shoot post waiver
The waiver of the registration fee has also had an impact on Maruti Suzuki’s stock. Maruti Suzuki’s shares rose by about 7% on July 9. On July 10, Wednesday, the upward trend continued, with the shares hitting a high of ₹13,300 during intra-day trading. Analysts at Citi Group have recommended buying the shares with a target price of ₹15,100.
Inventory excess leads to price fall
Meanwhile, major automobile companies Tata Motors and Mahindra have also reduced the prices of their cars. Mahindra has cut prices by up to ₹2.05 lakh. Tata has reduced prices by up to ₹70,000 on select models and is offering benefits of up to ₹1.4 lakh on SUVs.
According to another report from Business Standard, the starting price of the Tata Harrier was previously ₹15.49 lakh, which has now been reduced to ₹14.99 lakh, a cut of ₹50,000, while the starting price of the Safari has been lowered from ₹16.19 lakh to ₹15.49 lakh, a reduction of ₹70,000. Similarly, consumers can benefit from up to ₹1.3 lakh off on Tata’s Nexon EV and up to ₹30,000 off on the Punch EV.
Mahindra & Mahindra’s SUV XUV700’s AX7 range now starts at ₹19.49 lakh, down from the previous ₹21.54 lakh. This is a reduction of ₹2.05 lakh.
Currently, automobile companies are dealing with a heavy inventory issue at dealerships. Reports suggest that dealers have around ₹60,000 crore worth of unsold vehicles. To clear this inventory, vehicle companies are offering substantial discounts. This news is a relief for you as it provides an opportunity to buy a car at a lower price.