India’s largest luxury carmaker Mercedes-Benz India today announced an upward revision of the price of its select model range effective first week of August, 2019. The price correction would be up to the range of a moderate 3%, varying across the model range. The current increase in custom duty on automotive parts and additional cess and excise duty on fuel has been exerting significant pressure on overall operations. The combination of all these factors led Mercedes-Benz India to correct the prices of its select model range.
Mr. Martin Schwenk, Managing Director & CEO, Mercedes-Benz India said,
As the leading luxury automobile maker in India, we have been relentlessly working on offering the best of products and industry benchmark customer service and ownership experience. However, a hike in custom duty on automotive parts, compounded by an increase in excise duty and cess on fuel have had a significant impact on our bottom line. We were left with fewer options, but to make some necessary price adjustments to our product range at the moment to offset the impact of the rising input costs.
He further added,
Despite this moderate price revision, the innovative and tailor-made financial offerings from Mercedes-Benz like the recently launched STAR Agility+, STAR Finance, STAR Lease, Corporate STAR Lease etc. are specially designed for our discerning customers to drive home their dream Mercedes. These unique solutions provide benchmark value proposition, enabling a hassle free purchase. Similarly, our service programmes like STAR Ease, STAR Care, STAR Care Plus and On Road Assistance programmes further elevate the customers’ overall ownership experience.
· Ex-showroom price of Mercedes-Benz select model range set to increase by up to 3% w.e.f. first week of August, 2019
· Factors comprising increase in custom duty on automotive parts compounded by additional cess and excise duty on fuel have led to rise in input cost, which is exerting significant pressure on operations
· Smart financial solutions from Mercedes-Benz Financial Services will enable an optimum cost of ownership experience for the customers
Financial solutions: The company’s STAR Finance schemes give tailor made financial solutions, while ‘STAR Supersonic’ scheme also provides extremely fast loan approval in merely 30 minutes. STAR Agility+ is another unique and innovative product from Mercedes-Benz Financial Services, which offers up to 40% lower EMI than regular finance products, thus enhancing the flexibility and affordability of owning a Mercedes-Benz. Different aspects of the vehicle ownership ranging from finance, leasing and insurance to roadside assistance, cost of service, repairs and even residual value have been optimized under our financial solutions. One of the highlight offerings is the unmatched interest rate starting from 7.99% for the New Generation Cars.
Service packages: Mercedes-Benz India also offers highly affordable service packages and Extended Warranty Programmes, which are an industry benchmark. Under the STAR CARE programme, warrantable repairs up to 3 years are free of cost without any mileage limitations. This is a standard offering with ever purchase. Star Care Plus offers 4th year extended warranty, which further enhances the resale value. STAR EASE covers essential jobs related to periodic service along with coverage for brake pads, brake discs, wiper blades, wheel alignment and balancing for the contracted period. Mercedes-Benz India is the only luxury carmaker to offer the On Road Assistance (ORA) Package as a standard offering for 3 years. This can be purchased for a 4th and 5th year individually. Customers will also be delighted with the introduction of a host of new service programmes. The objective behind the new customized packages for different models of cars will ensure that the ownership experience is hassle free and guarantees complete peace of mind.
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