As the Indian rupee continues to depreciate ever so slightly, increase in fuel costs and car prices are inevitable. Rise in input costs and unfavourable foreign exchange rates have prompted quite a few leading carmakers to bring about a price hike across their model range.
Come January 2014 and new car buyers could find themselves paying dearly to many a dealers as carmakers including Maruti Suzuki, Hyundai, Toyota, General Motors and others look set to hike prices across the model range.
"We have not decided the exact quantum but most of our models would be (more) expensive from January," said Rakesh Srivastava, senior vice-president, sales and marketing, Hyundai Motor India. "There has been tremendous pressure on account of swelling input costs and a weak rupee has led to component imports becoming costlier” he added. Others joining the fray are Maruti Suzuki, Toyota and General Motors, also looking to raise prices owing to rising input costs and devaluation of rupee.