Agencies
Posted: Wednesday, Nov 09, 2011 at 1055 hrs IST
New Delhi: Car sales in India fell 23.8 per cent in October, the biggest monthly percentage decline since December 2000, an industry body said on Wednesday, as high interest rates and vehicle costs drove down sales for a fourth consecutive month. Rising finance costs and increasing prices have deterred buyers in Asia's third-largest economy, hurting carmakers that only months ago cheered a 30 per cent rise in sales over the previous financial year.
?People who have taken a loan to buy a car already have a home loan?, said Vishnu Mathur, director general of the Society of Indian Automobile Manufacturers (SIAM). A rise in interest rates will discourage them to take that car loan.
The industry body last month slashed its sales growth forecast for the current financial year to 2-4 per cent, the second cut in estimates from an initial forecast of 16 to 18 per cent.
The market is driven by an swelling aspirational...
Source: http://financialexpress.com/news/indias-oct-car-sales-in-biggest-10yr-fall/873220/
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