The auspicious Diwali season is finally upon us with the country prepping up to celebrate the festival over the next couple of days. As is the tradition, the automobile sales are usually pretty during the Diwali season as Indians love buying new cars and bikes during the festival season.
However, unlike in the past, the car sales this Diwali have hit an all time low. Despite the onset of the Diwali season, the sales have been pretty low this year.
Reportedly, the car market this Diwali festival season has seen a decline of -18% which is abnormal. Reportedly, around 790,000 unsold cars are parked at dealerships across India, which is estimated to be worth around Rs 79,000 crore.
As opposed to the usual rush for new cars during the Diwali season, this year’s story has been the exact opposite as cars worth nearly Rs 80,000 crore are still left in the dealerships.
In particular, the cars in the price bracket of Rs 10-25 lakh are at an all-time low, it seems. The reason behind this hasn’t been pinpointed by car dealerships yet. But the overall slump in car sales over the year has been amplified by the lack of interest from buyers during this festival season.
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