New vehicle buyers brace for price hike from May

Residents planning to purchase new vehicles are in for a shock as automobile prices are set to rise from May, with all major vehicle manufacturers announcing a price hike. The increase comes in the wake of rising steel prices and higher import costs for spare parts, forcing companies to raise prices by 3 to 4 percent across all vehicle categories.

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The hike means that two-wheeler buyers will have to pay an additional Rs 2,000 to Rs 3,000, while auto-rickshaw prices are expected to go up by around Rs 5,000. Currently, the ex-showroom price of an auto is Rs 2,73,200, which will rise to approximately Rs 2,78,200 starting next month.

Car prices will also see a notable jump, with ex-showroom price hikes of 2 to 3 percent. For instance, a car currently priced at Rs 5 lakh may cost up to Rs 15,000 more, while a Rs 10 lakh car could become Rs 30,000 costlier.

Adding to the burden, the state government has already imposed a new cess from March, charging an additional Rs 500 on new bikes and Rs 1,000 on new cars.

With just days left before the hike takes effect, consumers are being urged to finalize purchases before May to avoid the increased costs.