According to the Grant Thornton Bharat Auto Survey, six out of ten Indians seek for discounts before purchasing a new car. It also reveals that 87 percent of respondents anticipate discounts throughout the holiday season. At least half of them agreed that if they received significant discounts on high-end models, they would be ready to go over budget. 94 percent of purchasers would also shop around to several dealerships for better and more competitive deals.
“In India, festive discounts are one of the most important factors of automobile sales success. Despite the fact that most people would wait until next year to buy a vehicle, attractive discounts and promotions may persuade them to do so this year. Given the value-conscious Indian customer, OEMs and dealers may provide discounts on value-added services like extended warranties and add-ons but may be hesitant to offer full-fledged discounts on flagship models” Grant Thornton Bharat Partner and Auto Sector Leader, Saket Mehra adds.
Demand for Passenger and Electric Vehicle Spiked
In terms of passenger vehicles, the preference for utility vehicles (UVs) over sedans continues this year, with 51% of respondents planning to purchase the former. India’s readiness for the adoption of electric vehicles (EVs) has also improved, according to the survey. Around 21% of respondents stated they would be willing to buy an electric car, while 24% said they would like to buy a hybrid vehicle.
“Indian customers appear to be ready to accept the paradigm transition to e-mobility, starting with electric vehicles and alternative fuel alternatives. They are overcoming their apprehensions and favouring environmentally clean and sustainable alternatives”, Mehra agrees.
Analysis of Poll
In addition, the findings of the poll indicated a shift in the preferred methods of transportation. While car-sharing services were popular and cost-effective means of transportation two years ago, but it restricts their use. For personal commuting, 50% of respondents are willing to purchase a new car. Consumers’ desire for a subscription model for personal commuting was also represented in the poll. Sixty-six percent of respondents said they would choose a vehicle subscription model because it saves them money.