Luxury car brands like Jaguar, Land Rover, Rolls Royce and Bentley have made a significant change in the behavior of customers, popular in India. After the announcement of the trade agreement in May, many rich buyers chose to control their orders or completely cancel, the expected low import duties will benefit, the TOI report (Pankaj Doval said).
A dealer from the renowned luxury brand told TOI that despite the order of the manufacturers, customers delayed booking. He warned that this tendency in the luxury market could reduce India’s reputation, as the brands often limit the product to limit production, possibly focusing on other markets.
This delay is contributing to the uncertainty around the timeline of the implementation of low import duty. This lack of clarity brought significant financial stress for dealers. The same dealer pointed out that buyers are eager for low prices, but the process of reducing duty could not be straightforward. He emphasized that the time may take time before any deduction before coming to any stage for many years.
While the initial rush of the order to postpone the order was significant, the seller’s customer’s more detailed information communicated showed the situation to stabilize after the situation.
The other dealer told the newspaper that it was not beneficial to wait for the duties to reduce the duties. The trade agreement will take approximately one year for implementation, so that no deduction in duty will take place immediately. In addition, the prices of luxury vehicles usually increase by about 5% per year, with rising costs related to fluctuations. In short, the CETA promises a more favorable import duty for luxury cars for the landscape, challenging the current hesitation in the high-quality challenges. With the possibility of increased prices and gradually the implementation of duty deduction, customers may need to reconsider their waiting policies.
The coming months will be important for the luxury car industry as it navigate these changes.
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