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Luxury carmakers offer large discounts, low-interest loans to draw customers |
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The luxury car makers are offering huge discounts and low-interest loans to woo buyers, as they want to repel competition from new models in a slowing market.
Luxury cars, with a price tag above Rs 20 lakh, posted a 34% growth in sales last fiscal to 8,313 units, the highest among all car segments. Companies are aiming a line of new launches to push sales and beat the slowdown.
The luxury in India has never been so cheaper as tough market conditions have forced segment leader Mercedes Benz India and its arch rival BMW India as well as German car maker Audi to offer interest-free loans on their cars.
Some of their best-selling luxury cars such as Mercedes E class, the BMW X5 and the Audi A6 come bundled with interest-free loans. Swedish car maker Volvo is offering 6% interest rate on its entire range of cars and SUVs.
Entry of new players in the segment has intensified competition. Besides 0% interest on its E Class, Mercedes Benz is also offering 5.25% interest rate on the new C Class.
(Posted on : 13/04/2009)
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| Luxury carmakers offer large discounts, low-interest loans to draw customers |
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