Vehicle sales spike this Dhanteras
According to the local transport authorities, 459 vehicles (including both two- and four-wheelers) were sold in Chandigarh on October 25Updated: Oct 26, 2019, 00:54 IST
Notwithstanding the slump in market, vehicle sales surged this Dhanteras in Chandigarh on Friday.
The day marks the beginning of Diwali festivities and is considered the most auspicious occasion for buying gold, silver and other metals, especially kitchenware. However, in recent years, the trend has been shifting towards the purchase of vehicles, with the highest number sold this Dhanteras since 2010.
According to the local transport authorities, 459 vehicles (including both two- and four-wheelers) were sold in Chandigarh on Friday. Of these four were commercial and 455 private vehicles.
In comparison, a month ago on September 25, 2019, only 12 vehicles were sold. The figure is even higher than that on Dhanteras last year (November 5), when 273 vehicles were sold (see box).
Meanwhile, in Mohali, 107 vehicles were sold and 17 in Panchkula.
“October has been a great month for us,” said Varinder Singh Saluja, owner of Saluja Ford dealership and former president of the Federation of Chandigarh Regional Automobile Dealers. “With Navratras, Dhanteras and Diwali coming one after the other, we have recorded good sales despite the slump in economy.”
Saluja said as the number of deliveries done in a day is limited, many cars were sold ahead of Dhanteras and a few will be sold in the coming days as well.
“The business had been booming for us because of attractive offers rolled out by auto manufacturers,” said Nitin Mehan, owner of Autopace Chandigarh, a Maruti Suzuki dealership. “Around two months back, sales had dipped by 30%, but attractive offers on some of the newly launched vehicles have brought back the customers, with even high-end SUVs finding buyers.”
On the other hand, festivities were lacking at jewellery stores this Dhanteras.
“Our total sales were also half as compared to that in previous years,” said Vinod Talwar, president, Jewellers Association Chandigarh.
Talwar said gold sales have been poor throughout the year because of the high rates. “With 10 grams of 24-karat gold costing around ₹38,000, people preferred to go for silver, which is ₹487 per 10 grams. Silver coins were the most sold items,” he said.
Echoing a similar sentiment, Chandigarh Jewellers Association president Rajeev Sahdev said: “Earlier, people used to buy 24-karat gold items. But now, they prefer small rings and earrings in 22-karat gold.”
Sahdev said jewellers are hardly making heavier gold items, as the spending power has come down and there has been a dip in the number of people buying jewellery on Dhanteras.