Car prices will drop! Car buyers will receive a Rs 25,000 discount

Before the festive season, Car companies, from car manufacturers to luxury Car manufacturers and heavy transport companies, have all struck a deal. According to a TOI report, if you scrap your old car and buy a new one, you will get a discount of 1.5-3.5%. Road Transport and Highways Minister Nitin Gadkari has a big hand behind this.

25% off a high-end vehicle

Some of the leading luxury car manufacturers have reportedly agreed to give reductions of about ₹ 25,000, while others are anticipated to curb the discounts, according to sources close to the TOI.

Nitin Gadkari maintains that

This strategy is about to be announced by the government and the auto sector. Road Transport and Highways Minister Nitin Gadkari has insisted that consumers receive incentives like discounts and lower GST for trashing their old automobiles ever since the scrapping program was introduced in March 2021.

In 2022, the government had issued guidance.

The ministry advised auto unions in 2022 to provide their members a maximum 5% reduction on the sale price in exchange for vehicle scrapping; however, the sector disregarded the recommendation and chose to bargain for a discount that made sense economically. The government has made steps to establish 75 automated testing stations and 60 licensed car scrapping facilities.

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