Stock clearance sale | Hyundai Motor ups discount by about 63%

Hyundai Motor India has increased discounts on models like Santro and Creta by as much as 63 percent as dealers desperately look to get rid of excess stock.

Valid till September-end, the offers include an additional fourth year of extended warranty and roadside assistance.

The mid-size sports utility vehicle Creta, which is one of Hyundai’s best-sellers, is now offered at a discount of Rs 80,000, a 60 percent rise in the last one week.

Launch of the cheaper option Kia Seltos -- partly owned by Hyundai -- has impacted retail demand of the Creta, which is a direct rival. In August, the Seltos clocked sales of little over 6,200 units and has an outstanding bookings of 35,000 units.

Manufacturers are forced to shell out more because of the on-going Shraadh period when it is considered inauspicious for new vehicle purchase by Hindus as they pay obeisance to their ancestors.

Several manufacturers are even stuck with 2018 manufactured models. For instance, dealers of Tata Motors are offering the 2018-manufactured Hexa at a cash discount of Rs 200,000. The 2018 Nexon SUV is currently sold at a discount of Rs 85,000 while the 2019 Nexon is being offered at a Rs 25,000 discount.

Maruti Suzuki has officially not changed its discount schemes after Hyundai changed its offers. But dealers are hard-pressed to dole out discounts to beat those by rival brands. One of Maruti's best-selling models Brezza is being retailed at a discount of Rs 101,000.

Hyundai has also raised offers on the Santro, the new hatchback that was raised from the dead in November last year. Discounts on the car rose 63 percent to Rs 65,000.

Though no new launches have taken place in Santro's segment, its volumes have fallen by nearly a third. From a peak of 9,000 units in its debut month, Santro sales have fallen to 3,200 in August.

The i20 Elite, Hyundai’s other best-seller, has also seen a 45 percent rise in discount to Rs 65,000.

Other Hyundai models that have peak offers are the Xcent and Grand i10 both of which carry an Rs 95,000 offer. More premium models, Elantra and Tucson, have their discounts offers unchanged at Rs 200,000.