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Car Price increase

Car Price increase

Cars are going to get expensive from April 2016. Prices of cars and utility vehicles will see an increase with the imposition of tax-related measures announced in the Union Budget for 2016-17.This comes in the wake of revival of the automotive sector with positive economical cues. There seemed to be light at the end of the tunnel for auto manufacturers, with 17% overall growth last year.

But, the following measures and taxes introduced in the union budget make cars more expensive.

Infrastructure Cess

According to the budget speech, there will be a levy of one per cent infrastructure cess on petrol cars of length less than 4 metres and engines less than 1.2 litres; 2.5 per cent cess on diesel cars of length less than 4 metres and engines less than 1.5 litres; and four per cent for other big sedans and SUVs.

Cars price increase

Cars price increase

Luxury Tax

There will be an additional one per cent ‘luxury tax’ on all the cars priced above Rs. 10 lakh. However, for cars less than Rs. 10 Lakh, there won’t be any luxury tax.

Luxury Tax

Luxury Tax

How expensive are cars going to get?

There will be a spike in car prices across categories—right from the entry-level Maruti ‘Alto’ that gets dearer by Rs 3,000 to the Toyota ‘Fortuner’ SUV which adds at least Rs 76,000, and running up to Rs 5.6 lakh on the Mercedes Benz luxury saloon ‘S Class’.

Maruti Alto, Maruti Swift, Hyundai Santro

Maruti Alto, Maruti Swift, Hyundai Santro

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