Carmakers are offering some of the steepest discounts in recent years as they gear up for the festive season, following a 4.53% drop in sales in August. Major companies like Maruti Suzuki, Hyundai, Tata Motors, Mahindra & Mahindra, and Honda are at the forefront of offering discounts ranging from ₹20,000 to ₹3.15 lakh, depending on the model’s demand.
Compared to 2023, where the average discounts by the top 13 players increased by 12%, 2024 has seen a further rise, with discounts aimed at boosting sales during the festive period. In 2023, festive season discounts ranged from ₹25,000 to ₹1 lakh, which was already 40–45% higher than the 2022 figures. This year, those figures have risen again, with companies like Toyota and Honda more than doubling their discounts.
Toyota has increased its discounts by 140%, offering up to ₹49,914 off, while Honda’s discounts have risen by 120%, reaching ₹33,930. Other players, like Volkswagen, Tata Motors, Hyundai, and Mahindra, have also seen significant increases in discounts compared to last year, driven by softer rural demand and a need to clear inventory.
According to industry experts, October is a key month for sales due to the numerous festivals. As C S Vigneshwar, the newly appointed president of the Federation of Automobile Dealers Associations (FADA), pointed out, “We are seeing one of the highest discounts in recent years, with offers varying between dealers and states.”
Jeep India has some of the most attractive discounts, with up to ₹3.15 lakh off on the Compass, while Maruti Suzuki’s discounts range from ₹15,000 to ₹1 lakh on models like the Swift, Brezza, and Jimny. Hyundai is offering discounts of up to ₹2 lakh on the Alcazar, and Tata Motors has slashed prices on its electric vehicles as part of its “Festival of Cars” campaign. The Tata Nexon EV, for instance, now starts at ₹12.49 lakh after a price cut of up to ₹3 lakh.
The heavy discounts come as the industry deals with high inventory levels, which FADA has flagged as reaching 70–75 days of stock. Despite some OEMs adjusting dispatches in response, the buildup remains significant, with inventory worth ₹77,800 crore at dealerships.
