Honda has hiked the prices of its models ranging between Rs. 4,000 and Rs. 94,000. The cars in question include the Honda Brio, Jazz, City, Civic and Accord. The price hike was implemented March 17th onward, a day after the excise duty hike announced in the 2012 Union Budget.
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The excise duty for small cars has been hiked from 10% to 12% and hence, cars such as the Brio and the Jazz get a price hike in the range of Rs. 4,000 – Rs. 15,000. The excise duty for large cars with engine capacity less than 1.5-litres has been hiked from 22% to 24%. Hence, Honda City gets a price hike ranging between Rs. 5,000 and Rs. 10,500.
The excise duty for large cars with engine capacities of more than 1.5-litre has been hiked from 22% to 27%. Honda Civic and Honda Accord fall under this category. The price hike of Honda Civic ranges between Rs. 36,600 and Rs. 45,800 while the price hike of Honda Accord is Rs. 67,500 for the 2.4-litre manual transmission variant and Rs. 94,000 for the 3.5-litre V6 variant.
The import duty on completely built units (CBU) cars has been hiked from 60% to 75%. However, Honda is yet to announce the price hike of CBU import model, the CR-V.