Skoda to also Introduce a Loyalty Bonus of uptp Rs 50,000 for its Existing Customers
Skoda India has announced that it will increase prices of all its cars from March 1, 2018. The upcoming price hike will happen in a phase-wise manner and will include all the four cars that the manufacturer sells in India, viz, Rapid, Octavia, Superb, and Kodiaq.
The company says that the upcoming price increase is a result of the increased customs duties that will come in effect from the next financial year. It is worth a mention here that in the Union Budget for Financial Year 2018-2019, Mr. Arun Jaitley, Finance Minister, Government of India, proposed an increased custom duty on certain parts of motor vehicles. As a result of this, the current custom duty of 7.5% (10% on some components) will be hiked to 15%. There’s also an increase in the custom duty on CKD from 10% to 15%.
Currently, the Skoda Rapid is the only car that the manufacturer produces in the country. The Octavia, the Superb, and the Kodiaq are brought to India via CKD route. Starting next month, prices of all the cars will see an increment of 1%. With this price increase coming into effect, all Skoda cars will see a price rise by Rs 10,000 to Rs 35,000. The company says that the price rise will be gradually increased to upto 4% in a phase-wise manner. Skoda India has also introduced a new loyalty bonus program for its existing customers. All Skoda owners in India can avail benefits of upto Rs 50,000 when exchanging their current car for another Skoda model. While the Indian subsidiary of Skoda Auto has already announced a price rise, expect more manufacturers to follow suit.