Passenger vehicle manufacturers are willing to offer discounts for a limited period of one year.
Ahead of the festive season, several leading commercial and passenger vehicle manufacturers have agreed to offer discounts on new vehicle purchases against scrapped old vehicles, an official statement said on Tuesday. Automakers will offer discounts of 1.5-3 per cent to customers who present a ‘Certificate of Deposit’ after scrapping their old vehicles.
They will offer a discount of 1.5 per cent of the ex-showroom price of a new car or Rs 20,000, whichever is less, against the passenger vehicle scrapped by the owner in the last 6 months. Mercedes Benz India has offered a flat discount of Rs 25,000, which will be over and above all existing discounts.
Commercial vehicle manufacturers namely such as Tata Motors, Ashok Leyland, Mahindra & Mahindra and Force Motors will offer discount equivalent to 3 per cent of the ex-showroom price for a commercial cargo vehicle of more than 3.5 tonnes.
"Discount to be offered to a person buying a vehicle against a Traded Certificate of Deposit of a scrapped commercial vehicle would be equivalent to 2.75 per cent of the ex-showroom price for scrapping a commercial cargo vehicle with more than 3.5 tonne GVW (gross vehicle weight)," it said.
The statement further said this initiative is a significant step forward in advancing India's circular economy, promoting the use of cleaner, safer and more efficient vehicles. Union Road Transport and Highways Minister Nitin Gadkari on Tuesday chaired a meeting with the SIAM delegation at Bharat Mandapam, where he addressed pressing issues in the automobile industry.
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It said commercial vehicle manufacturers are willing to offer discounts for a limited period of two years and passenger vehicle manufacturers are willing to offer discounts for a limited period of one year. The statement noted that these discounts will further incentivise the scrapping of vehicles, thereby ensuring the plying of safer, cleaner and more efficient vehicles on the roads.
(Except for the headline, this story has not been edited by DNA staff and is published from PTI)
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