The car market experienced a “megaboom” on the first day of the GST exemption! Maruti broke 35-years record

New Delhi. The festive season is in full swing, showrooms are crowded, and companies’ sales charts are soaring. The reduction in car prices following the GST exemption has energized customers to the point where cars are being sold in droves. While Maruti Suzuki has broken a 35-year record, Hyundai’s showrooms witnessed such a rush after five years during Navratri. This is the car market’s Mahakumbh, where every company is distributing the “prasad” of the reduction, and customers are leaving with their bags full.

The Goods and Services Tax (GST) exemption has had a significant impact on the Indian car market. As soon as the price reduction was announced, showrooms witnessed a massive rush. Maruti Suzuki and Hyundai recorded thousands of car bookings, deliveries, and inquiries on the first day itself. So let’s see what the figures from the first day of GST 2.0 say –

Maruti Suzuki breaks a 35-year record
This festival is nothing short of a golden period for Maruti Suzuki, the country’s largest car manufacturer. Partho Banerjee, the company’s Senior Executive Officer (Marketing and Sales), said, “We haven’t seen such a tremendous response in the last 35 years. On the first day itself, we received over 80,000 inquiries and over 25,000 cars were delivered. This figure will soon reach 30,000.” Maruti Suzuki is very excited about the response received on the first day after the GST exemption.

On September 18, Maruti announced an additional price cut along with a reduction in GST rates. Since then, the company has received nearly 75,000 bookings, an average of 15,000 bookings daily, which is about 50% more than normal. Bookings in the small car segment are almost doubling. Dealerships are open until midnight to ensure timely delivery of cars to customers.

Fear of Small Car Stock Running Out
The GST exemption has had the biggest impact on the prices of entry-level and small cars. The Maruti S-Presso is now the cheapest car in Maruti Suzuki’s portfolio, with a starting price of just ₹3.50 lakh. Prices of the Swift, Dzire, Baleno, Renault, and WagonR have also received significant price cuts. It is reported that due to high demand, small cars are running out of stock.

Maruti Suzuki: Reductions of up to 1.29 lakh
Maruti Suzuki has announced that it will pass on the benefits of the new GST reform directly to customers. The S-Presso is now the cheapest car in the company’s portfolio. It now comes with a starting price of just 349,900. Maruti Suzuki has announced a price cut of up to 1.29 lakh on its cars, including the Brezza, Alto, WagonR, and Swift.

Hyundai Breaks 5-Year Record
Like Maruti, Hyundai Motor India Limited (HMIL) also kicked off Navratri with a bang. The company achieved its highest dealer billing record in five years on the first day itself. Tarun Garg, Director, Hyundai Motor India Limited, said, “Navratri has had a great start due to the GST 2.0 reforms. We recorded nearly 11,000 dealer billings on the first day itself. This is a testament to customer confidence and strong festive sentiment.”

Garg clarified that Hyundai was among the first companies to pass on GST benefits to customers. He said that demand will continue in the coming days and the company will continue to deliver value-for-money products to customers. Hyundai has also announced significant price cuts for its portfolio of cars.

Hyundai: Price cuts of up to 2.40 lakh
Hyundai has reduced the prices of its cars by up to 2.4 lakh. The company has reduced the price of its premium SUV, the Tucson, by the maximum of 2,40,303. The Creta has also seen a price cut of 38,311. Its starting price now stands at 10.73 lakh, down from 11.11 lakh previously. The Grand i10 has seen a price cut of 51,022, bringing its starting price to 5.47 lakh, down from 5.99 lakh previously.