Updated - Jeep Compass Gets A Big Price Drop Of More Than Rs. 1.0 Lakh! | V3Cars
Update (Apr 11, 2023): Jeep recently reached out and informed us that the discounted prices were only applicable till March 31, 2023. Since we recorded the prices of the Compass from Jeep’s official India website well into the first week of April, we expected it to hold true. We request you to disregard this article about the price change.
Here are the latest prices of the Compass as of April 11, 2023:
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Jeep recently dropped the prices of their Compass SUV by more than Rs. 1.0 lakh for the base variant. Is this a sign of softening demand? Should you expect more price corrections and discounts going forward? Here’s what I think.
Before we dig deeper into what’s happening, let’s take a look at the April 20223 price update of the Jeep Compass petrol:
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Here are the updated, April 2023 price of the Compass diesel:
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As you can see, the prices of all Compass diesel variants went up by a flat Rs. 35,000. This is a price change of up to 1.66%. In the case of the Compass petrol, only the base variant got a price drop of Rs. 1.08 lakh. The other variants saw no change in price.
Also Read: Toyota Innova Hycross Petrol Variants Explained - Which One To Buy
Note: Check your Car EMI with our - Car Loan EMI Calculator
V3Cars Insight
Carmakers often increase the prices to keep up with the inflation and increase their profit margins. With every blow of a price change, they deal with the demand drop by offering some discounts for a while. If there’s strong demand even after the price change, then there are obviously no discounts.
If you keep a close eye on the auto industry, you might also know that the starting price of the vehicle is usually just to attract buyers. Once they show up to the dealership, the sales people often suggest the buyers a higher variant with more features by offering one or more of the following:
- Quicker delivery with higher variants
- Better discounts
- Demonstrating better perceived value
For the Jeep Compass, the base variant’s price drop will help the SUV once again get some traction and make it to the buyers’ shortlist. Although, if you are only interested in the diesel engine or a higher variant, then this price drop means nothing for you as a buyer. The fact that the diesel variants got a price hike of more than 1.0% suggests that the demand is still strong.
The Problem With Dealer/Manufacturer Discounts
If you are interested in the Compass petrol’s base variant, then a price drop is far better than a discount. Let’s say you get a discount of Rs. 1.0 lakh on a Rs. 21.0 lakh car. You’ll still have to pay for insurance on the entire Rs. 21.0 lakh rupees. Similarly, you’ll have to pay a higher registration fee and road taxes because of the higher ex-showroom price. Dropping the price altogether works best for the car buyers as it cuts down the cascading effect of the taxes and saves you enough to get a few full tanks of fuel.
Should You Expect Price Drops In The Auto Sector?
For now, the demand seems strong as even the Compass didn’t get a consistent price drop. Only the base variant’s prices saw a correction while other variants saw a nominal price jump.
If the demand were softening, we’d have seen a price drop across the board. At least we would have not seen a price increase for higher variants. You shouldn't expect other cars to start witnessing a price correction any time soon.
Also Read: Maruti Suzuki Inform Exchange About 0.8% Weighted Price Hike - Opinion
Note: Check your car’s fuel cost with Fuel Cost Calculator in India
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