The average price of vehicles has increased by more than fifty percent in the last five years

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MUMBAI: Due to premiumization, regulatory tightening and rapid adoption of sports utility vehicles, the prices of SUVs have been steadily increasing over the past few years, with the average price rising from Rs 7.6 lakh in FY 2018-19 to Rs 7.6 lakh in FY 2023-24. It has increased by more than fifty percent to Rs 11.50 lakh.

More and more people are choosing to buy high priced cars. The percentage of people buying high priced cars has increased to 43 percent from 27 percent a year ago.

There is an attraction towards buying premium cars. Vehicle buyers want more and more exclusivity in their vehicles. Non-AC models are now almost invisible. Earlier, the non-AC model was in wide demand, said sources in the sales department of a vehicle manufacturer.

While determining the price of a vehicle, not only internal and external factors are considered, apart from the loan rate, competitiveness is also seen.

Apart from this, inflation, wage scale, safety equipment and regulatory measures have also increased the cost of vehicles, sources said. Rising steel prices have also played a role.

Due to conversion from BS4 to BS6 in April 2020, the price of vehicles has also gone up. Regulatory changes have forced vehicle manufacturers to upgrade their units. In 2023, the wholesale sales of Uttara vehicles crossed the mark of 41 lakhs. The demand for sports utility vehicles has seen growth in the sales of off-road vehicles.

Sales of sports vehicles saw a year-on-year increase of 26 percent.

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