With Great Britan’s exit or Brexit from the European Union in 2016, the value of GBP has tumbled from almost Rs 100 per pound exchange rate to as much as Rs 80 per pound. This has enabled British car manufacturers, primarily Rolls Royce and Aston Martin, to export models at a cheaper rate thereby reducing the overall cost of their models sold in India. One can get a Rolls Royce Ghost, Dawn or a Wraith at prices reduced by up to Rs 1 crore.
In addition, the Black Badge editions will also see a drop in their retail with the Ghost Black Badge now priced at Rs 4.93 crore and the Wraith Black Badge costing Rs 5.28 crore. In addition, imported models by other car makers who are based in Great Britain or charge in GBP have also witnessed a price drop. These include Aston Martin, Land Rover, Bentley and Ferrari. One can now get a Ferrari 488 for Rs 3.6 crore compared to the pre-Brexit value of Rs 3.9 crore.
Range Rover has also witnessed a considerable price cut through its model range. The Range Rover Sport which was priced at Rs 1.35 crore, now costs Rs 1.04 crore. The Vogue trim gets a reduction of Rs 41 lakh and has a price tag of Rs 1.56 crore. Other locally assembled cars have also witnessed a reduction in prices due to Brexit.
The price drop in these luxury brands should witness a better sales growth in the world’s second-largest automotive market, India. In 2016, this segment recorded impressive sales of 200 units for cars priced above Rs 2 crore.