The urge to beat the downturn and keep the market excited about purchases has forced car manufacturers to pull out innovative methods to entice the buyers.
Volkswagen-owned, Czech-based car making brand SkodaAuto is offering a deferred equated monthly installment (EMI) option on the purchase of its C segment sedan Rapid.
SkodaAuto's finance company Skoda Finance is giving customers the chance to buy the Rapid on finance with the option of one year EMI holiday. EMI on the sedan will only begin a year after the purchase of the car.
The customer will have only pay only the down payment cost of the vehicle, which would be 15% of the price of the car. Rapid prices start at Rs 7,30,353 for the petrol variant while the top-end (diesel) costs Rs 10,00,992 (ex-showroom, Mumbai).
Kamal Basu, Marketing Head, Skoda Auto India, said that, “Keeping in mind the prevailing market sentiments, we have introduced this innovative scheme for consumers. This offer gives them a great opportunity to own a Skoda Rapid, with a convenient re-payment option which is offered to suit their convenience.”
Sluggish demand has forced car companies to offer discounts and consumer benefit schemes to liquidate stock. While some companies have cut prices directly others are offering indirect discounts to dealers which are eventually passed on to buyers.