After a recent meeting with SIAM and its members, the Ministry of Road Transport and Highways (MoRTH) announced that several automakers have agreed to offer significant discounts on new car purchases to promote the scrapping of older vehicles.
As per the press statement released by the MoRTH, commercial and passenger vehicle manufacturers have agreed to offer limited-time discounts on the purchase of new vehicles. Commercial vehicle manufacturers, including Tata Motors, Force, Mahindra, Isuzu, SML and Ashok Leyland, will provide discounts of up to 3% of the ex-showroom price based on the vehicle’s gross vehicle weight (GVW). Passenger vehicle brands like Maruti Suzuki, Hyundai, Toyota, Honda, Tata, Kia, MG, Renault, Nissan, Skoda, Volkswagen and Mahindra are offering discounts of 1.5% of the ex-showroom price or Rs 20,000, whichever is less, for vehicles scrapped within the last six months. Notably, Mercedes Benz has announced a flat discount of INR 25,000.
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These discounts come in addition to the scrap value provided by Registered Vehicle Scrapping Facilities (RVSFs), as well as tax concessions and other government incentives under the Vehicle Scrappage Policy. The initiative marks a significant step towards reducing pollution and modernizing India’s vehicle fleet.
