Despite being expensive, luxury cars still manage to catch the fancy of car owners for various reasons. We take a look at the many means that these owners employ to roll along in these fancy machines.
Hyderabad boasts of a high number of luxury car owners so much so that it has become a common thing to spot a Rolls Royce Phantom or a Jaguar in the city.
Sources in a car manufacturing company, here, reveal, the sales of luxury cars in the city has been growing at average 20 per cent since two years.
Now any luxury car be it Sedan, Hatchback, Coupe or Convertible has an average going price of Rs.55 lakh to Rs.2 crore. Aditya Kodali is a proud owner of an Audi Q5.
He says, “There are many ways of owning a luxury car. The general trend in buying cars these days, is to acquire them on an installment basis. For example, a lot of companies buy cars on installment basis so that it helps them in filing a better IT tax returns file. Apart from the corporates, other owners too prefer to acquire them on EMIs and later make money out of it by resale.”
Also the amount of liquidity a person has is a deciding factor in luxury car sales. Most of the luxury cars get sold like hotcakes in the months of February and March.
The reason— it is the end of the financial year and makes for a good tax return file.
Srikanth Chakkilam, who owns a BMW 5 says, “Since most of these cars go at an average `60 lakh to `1 crore price, people generally prefer to buy them on installment basis. Also, the tastes and fancies of luxury car owners keeps varying.
“So a one time down payment is not feasible. Also, resale becomes easy with EMIs.”
Sources also reveal that the sale of luxury cars has shot up to 12,000 in 2011.
Currently Audi is the hot favourite among the car owners in Hyderabad, with the luxury car janta waiting eagerly to set their hands on the Audi A3 due to be released in 2013. BMW and Land Rover stand not too far away.
The erstwhile Hyderabadi favourite Mercedes also runs on this sales race track.
While installments may be a profitable business venture, some believe that luxury cars ought to be acquired on a single one time payment basis.
Shakti Reddy, a proud owner of a Jaguar XF says, “The aesthetics of owning a car depends on how one acquires it. Though it might be a personal choice the trend of buying second hand, used luxury cars at cheaper prices and using them to make money through lease has caught up very much in the city.
“I personally think that if a good car were bought on installment basis, it works out to be more expensive than a single outright purchase. Besides, I won’t even feel like I own the car,” he exclaims.
Whatever the means may be, the benefits of owning a luxury car are many. The lure of making money out of this is perhaps too good to let go of for the Hyderabadi crowd.
About the Author (Author Profile)
Tea drinker, imaginary bass player, posterchor, left liberal world planner, star gazer.. and other significant things.
Sites That Link to this Post
- Why are more people buying luxury cars? : Postnoon | Luxury And Gadgets | August 18, 2012