Luxury car sales: India and the uk are on the verge of concluding a Comprehensive Economic Trade Agreement (CETA), which is creating a buzz in the luxury car segment. Clered by the Cabinet on Monday, the agreement is set to modify the important duty regime for high-end cars. Consequently, sales of luxury vehicles in India are dwindling, with many bookings being canceled by prospective customers.

Rumors of Duty Cut Stop Bookings

In May, The India-Uk Free Trade Agreement (FTA) was Announced, Which Sugged Cutting The Existing Import duty of 75-125% on Completely Built Cars (CBU) to 10%. This news has left rich buyers waiting for purchases. Most of them are waiting to benefit from cheaper prices in the future. Some have even canceled their present order for luxury vehicles

A leading brand retailer informed the time of India that buyers are canceling bookings, even after ordering. This last-minute uncertainty is hurting the reputation of the Indian market. Luxury car companys make only a small number of units to ensure exclusion, and no some of them are diverting their inventory to other nations.

Dealers Worned, Buyers Waiting

Indian Luxury Car Buyers Pay Nearly Three Times as Much as in the Uk Market. Besides Hefty Import Duties, Local Tax and Registration Fees Drive Pris Further Up. Although the initial may announsment of the trade agrement Had stimulated Buyer Interest, The Market is now quiet against.

Dealers are attempting to break the news to their customers. According to one dealer, “purchase Singh now is not necessarily a loss. And an annual quota may also be applied. “

Risks of Waiting

The dealers are cautioning purchasers about waiting too long because luxury car prices increase by almost 5% annual. The sliding rupee against the British pound is also causing costs to swell. Before the Reduction in Import Duty is Fully Effective, Purchasers Could End Up Paying More because of Yearly Price Increases and Currency Fluctations.

The actual route map for the duty reduction will be known on the deal is inked. In the meaning, both customers and dealers are in suspense Regarding when and how the price will stabilize.