Car buyers undeterred by spiralling fuel prices

Lokmat News Network

Chhatrapati Sambhajinagar:

In the last few years, the prices of vehicles and the fuel (petrol-diesel) have increased tremendously. However, the mobility of vehicles on roads has not declined. Instead, the vehicle population is scaling up. Meanwhile, a new trend of buying a four-wheeler by the citizens already owning motorcycles is catching up in the district. As a result, 4 lakh vehicles have increased in the last four years.

As per RTO records, the population of vehicles (all types) in 2019 was 13 lakh in the district and it reached 17 lakh in 2023. In brief, there is an increase of between 3,000 and 5,000 new vehicles every month in the district. The figure of vehicle purchase is high during Dussehra and Diwali festival periods.

EMI encouraging buyers ; 5 pc buy in cash

The minimum cost of a two-wheeler is Rs 80,000, while four-wheeler is above Rs 5 lakh. Hence the vehicle is buyed as per the budget and convenience by citizens. The banks offer vehicle loan facilities to buy two-wheelers or four-wheelers. The repayment of loan is through EMI (monthly installment). The convenience in loan repayments is encouraging many buyers to buy cars. The purchase of cars has become possible for the citizens. Today, around 95 percent citizens buy vehicles on loan, while only 5 percent purchase in cash.

It is observed that the trend of buying cars has scaled up after covid pandemic situation. People prefer buying personal transport rather than travelling by public transport for their convenience.

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Strength of vehicles

Type of Vehicle - Year (2019) - Year (2023) - Figure of new vehicles increased in four years?

Two wheelers-10,86,529-13,05,398-2,18,869

Cars -82,479-1,16,946-34,467

Auto Rickshaws-34,727-36,701-1,974

School Buses-1125-1159-34

Ambulances-538-712-174

Trucks-15,883-19,259- 3376

Delivery Vans (Three/Four Wheelers) -63,761-73,199-9,438

Tractors- 29,376-,43,807-14,431

Trailer-15,675-17,003-1,328

Other vehicles-1255-2,740-1,485