New Maruti Swift Selling At Rs. 33,100 Discount As Hatchback, Sedan Sales Tank
Maruti Suzuki recently launched its most popular product, the fourth-generation Swift, in India. Now, over the years, what we have seen is that almost every new Maruti Suzuki product does not get any discount soon after the launch. However, this time around, the Indian automotive market is witnessing an unusual trend. Due to this, Maruti Suzuki is offering discounts of up to Rs. 33,100 on the new Swift’s automatic trims and Rs. 28,100 on the manual trims. In addition, other segments of automobiles are also witnessing a drop in demand.
New Maruti Suzuki Swift Discounts
The latest generation of the Maruti Suzuki Swift, which was launched back in May of this year, is already available with discounts. As per the company, there are discounts of up to Rs. 28,100 on manual variants and Rs. 33,100 on automatic variants. For those who may not be aware, last month, these discounts were at Rs. 15,000.
Additionally, the company is also offering hefty discounts on unsold stock of the previous-generation Swift. These discounts go up to Rs. 28,100 on petrol variants and Rs. 18,100 on the CNG variants. Most likely, these discounts will only be offered until the old inventory clears.
Now, while these discounts are beneficial for buyers, they raise questions about the current state of the hatchback market. The Swift, across its previous generations, as we all know, commanded huge waiting periods and hardly any discounts, particularly in its first two years. So, the fact that Maruti Suzuki is now offering such attractive offers on this new model indicates a shift in market conditions.
Hatchbacks and Sedan Sales Are Declining
Presently, the Indian automotive market is seeing a notable decline in hatchback and sedan sales over the past few months. In July 2024, hatchback sales were down by nearly 15% compared to the same period last year. Also, sedans have fared even worse, with a drop of 22%.
The decline in these segments is reflective of a broader shift in buyer preferences. At the moment, more and more buyers are getting diverted towards SUVs and crossovers. The primary reasons are that they offer a higher driving position, better road presence, and perceived safety benefits.
It should also be noted that this shift in buyer preference has been particularly challenging for traditional hatchbacks like the Maruti Swift. Despite its reputation for reliability, fuel efficiency, and affordability, the Swift has been caught in the crossfire of this changing market.
SUVs on the Rise
As stated above, while hatchbacks and sedans are struggling, the SUV segment continues to thrive. In July 2024, SUV sales grew by 7%. Compact SUVs, in particular, are becoming the preferred choice for many buyers. Almost a quarter of all cars sold in India during July 2024 were in the 4-meter SUV category.
This highlights the growing dominance of this segment. The Hyundai Creta, Kia Seltos, Toyota Hyryder, and Maruti Grand Vitara are leading the charge in the midsize SUV segment, collectively accounting for 85% of the sales in this category.
Maruti Suzuki Swift Sales Trend
It should be noted that despite the challenging market conditions, the Maruti Swift has managed to maintain respectable sales figures. In July 2024, the Swift sold 16,854 units, marking a 2.6% increase in month-on-month sales.
However, there is a 5.8% decrease compared to the same period last year. While these numbers may seem promising, they are not as strong as Maruti Suzuki would have hoped, especially when we consider that the new model launched just a few months ago.
Many experts have noted that the automotive market is moving away from hatchbacks. Hence, Maruti Suzuki is left with little choice but to offer discounts to ensure that inventory does not pile up. These discounts are a clear indication of the pressure dealers are under to make the Swift more appealing to consumers who are increasingly leaning towards SUVs.