If you are planning to buy a car, be advised that most of India's favourite models will become costlier from the New Year 2018, with auto majors in the country bracing for a hike in prices owing to the rising input costs.

The latest companies to join the bandwagon are Toyota Kirloskar Motor and Honda Cars India.

Honda Cars
Honda City, CR-V and BR-VHonda

Toyota

Toyota is likely to hike prices of its models by up to 3 percent from January 2018, owing to periodical rise in input and freight costs.

"There has been an increase in the cost of manufacturing of vehicles. Frequent fluctuation in the global commodity prices and foreign exchange rates have continued to impact our input costs, from both domestic as well as import fronts. Toyota has been absorbing the additional costs all this while, protecting the customers from price increase," said the company.

Also read: Honda could make cheaper hybrid cars for India

In addition, Toyota also announced the "Remember December Campaign," which will provide road financing, interest rates starting at 4.99 percent and special EMI package on its models. It also includes benefits ranging from Rs 40,000 to Rs 90,000 depending on the models.

Honda

Honda Cars India will increase prices of its models by up to Rs 25,000 from January 1, 2018, to offset rise in input costs.

"We plan to hike prices across our models ranging between 1-2 percent from January," a Honda Cars India Ltd (HCIL) spokesperson told PTI.

Also read: Toyota puts entry of Daihatsu in India on hold as it weighs alliance with Suzuki

Honda's current range in India the hatchback Brio and the Accord Hybrid, priced in the range of Rs 4.66 lakh to 43.21 lakh (ex-showroom Delhi).

Earlier this week, Isuzu had announced that the prices of its vehicles would rise by up to Rs 1 lakh from January.

Skoda India is also in the list of carmakers announcing the price hike, and has said it will increase prices by 2-3 percent from January 1, 2018.

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