Unlock Unbelievable Savings: Car Manufacturers Offer Up to Rs 20,000 Discount with New Scrapping Policy

Vehicle Scrapping Policy Introduces Discounts on New Cars and SUVs

Shillong, August 28: Car and SUV manufacturers have agreed to offer discounts of 1.5% of the ex-showroom price or Rs 20,000, whichever is lower, as part of the Centre’s Vehicle Scrapping Policy, according to an official statement issued Wednesday. This policy aims to create a streamlined process for phasing out unfit, polluting vehicles through a network of Registered Vehicle Scrapping Facilities (RVSFs) and Automated Testing Stations (ATS).

The Ministry of Road Transport and Highways noted that these Original Equipment Manufacturer (OEM) discounts are on top of the scrap value provided by RVSFs. Existing incentives like Motor Vehicle Tax concessions, waivers of registration certificate fees, and liability waivers under the Vehicle Scrapping Policy linked to the Certificate of Deposit (CD) also apply.

Leading car manufacturers, including Maruti Suzuki, Tata Motors, Mahindra & Mahindra, Hyundai, Kia Motors, Toyota, Honda, MG Motor, Renault, Nissan, and Skoda Volkswagen, have committed to the 1.5% or Rs 20,000 discount for new cars purchased after scrapping an old vehicle. Mercedes Benz India has uniquely offered a flat Rs 25,000 discount in addition to existing incentives.

For commercial vehicles, manufacturers such as Tata Motors, Volvo Eicher, Ashok Leyland, Force Motors, Isuzu, and SML Isuzu will offer discounts equivalent to 3% of the ex-showroom price for commercial cargo vehicles over 3.5 tonnes GVW and 1.5% for those under 3.5 tonnes GVW, scrapped within the last six months. Discounts will also apply to purchases against a Traded CD, with variances based on the vehicle’s GVW.

This initiative is supported by Union Minister for Road Transport & Highways, Nitin Gadkari, who has engaged with CEOs from the Society of Indian Automobile Manufacturers to promote fleet modernization. Reciprocating this interaction, manufacturers have agreed to offer these limited-time discounts, further incentivizing the scrapping of end-of-life vehicles and promoting the adoption of safer, cleaner, and more efficient vehicles on Indian roads. (IANS)

Original Story https://theshillongtimes.com/2024/08/28/car-manufacturers-offer-up-to-rs-20000-discount-under-new-scrapping-policy/
Category : Business
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