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Nano warning – Dealers cut used car prices by 35%.

Posted on: February 24, 2009

Close to the launch of Nano, jittery used car dealers have slashed prices by more than 25-35% in recent weeks. Industry officials say dealers are trying to move prices closer to the Rs 1 lakh-mark to be competitive with Nano.

Prices of mid-sized cars are down by over 25% and by 20% for smaller cars. Dealers are offering the four-to-five-year-old Ford Ikon, Maruti Esteem, Opel Corsa or Fiat Sienna for around Rs 1 lakh.

“When the Nano gets launched, the A and B segment (small) cars will see a further correction. Currently, the price erosion is lesser in the A and B segment used cars,” said Vinay Sanghi, chief (new business development for the after-market sector), Mahindra First Choice Wheels.

In recent months, car manufactures have dropped prices of new cars and also started offering discounts to clear inventories. This is having a direct bearing on used car prices, said a few used car dealers ET spoke to. Dealers feel customers are now looking at used cars more closely.

Source: Pricewale.com

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