Buy your cars now, Hyundai, Maruti to up prices

DRIVING FACTORS: The car manufacturers attribute the price hike to increasing production and freight costs.

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New Delhi: Car buying is going to be a costly affair for buyers next year as leading car manufacturers have announced a major price hike.

While General Motors India has announced a hike from Rs 2500 to Rs 13,000 from January, Korean giant Hyundai will hike its prices by up to two percent by December end or early next year. The price hike includes Hyundai’s recently introduced car, i10, which is currently priced at Rs 3.39 lakh and onwards.

Maruti, the country's biggest car manufacturer, has also decided to hike up the prices of all its models by up to Rs 12000 early next year.

The companies attribute the price hike to rising production overheads and freight charges. They say the increase in the costs of raw material such as lead and aluminium along with the swelling prices of petroleum products has made the price escalation necessary.

The price hike will be enforced on shipments of vehicles from the date of announcement of the price increase in January.

Even though Maruti has not confirmed the price hike reports, General Motors India (GMI) have verified that that it will indeed be revising prices.