Here comes a piece of news that may come as a shock to most of the people who have decided to either buy or switch their vehicles (two and four wheelers); the prices of cars and bikes may go up once again. If this happens then the prices of automobiles will be increased for the second time in last two months.
This will only happen if our finance minister decides to increase the excise duty by 2% in the upcoming budget. If this happens then the burden will be equally shared by automobile manufacturers. According to the industry reports, automobile companies may not be able to absorb any hike in the duty and the burden will be passed on to the consumers.
Therefore to sum up whole story, any entry level car priced at Rs.3 lakhs will now be dearer by Rs.6000. But this all hike depends upon the hike in excise duty, if excise duty rises by 2% be prepared to pay extra. Automobile companies have already hiked the prices by 1.5-2% a month back and now we do not expect the prices to rise further. Let us all hope that the excise duty doesn’t go up as no one wants to spend any extra money on buying automobiles.