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Car Choice India: Despite fears of inflation, Indian consumers are willing to pay a higher price to buy their next expensive vehicle. According to the study done by Deloitte, most of these people are looking at a vehicle priced between Rs 10 to 25 lakh.
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According to the 2023 Global Automobile Consumer Study (GACS) report by consulting firm Deloitte, they are now preferring feel over price, which is a clear indication of a change in their vehicle buying behaviour. Most of these people don’t even mind waiting 4-12 weeks to get a better feel and the vehicle of their choice.
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The study was conducted in India from September 21 to 29 last year, in which questions were asked to 1,003 consumers. It was found in the research that about 47 percent of the participants expressed their desire to buy a vehicle worth Rs 10-25 lakh.
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According to the study, only 28 percent of the consumers expressed their desire to buy a vehicle priced at Rs 10 lakh or less. About 57 percent of the participants expressed their desire to buy an electric vehicle in the range of Rs 10-25 lakh, while 20 percent expressed their desire to buy an electric vehicle priced below Rs 10 lakh.
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This showed a clear change in the vehicle buying trend of Indian consumers, the report said. This shows that an average consumer is preferring feel over price. Whereas the traditional Indian consumer takes prices into account and the price vs mileage comparison becomes paramount while buying a vehicle. (with language input)