Wishbox 2.0: How Mercedes plans to make its cars more affordable in India
A luxury car may not figure on top of priorities during Covid-19 times but that is hardly a deterrent for Mercedes-Benz in India to offer financial solutions that have the potential of making its products more appealing. In a bid to revive customer confidence and create incremental demand, the company on Monday announced the launch of 'Wishbox 2.0' campaign with limited period financial solutions.
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The idea behind Wishbox 2.0 campaign, according to Mercedes, is to financially empower prospective customers to purchase a car model of their choice and not put off their plans. Under the campaign, the German car maker is offering three financial options - a) Three months no EMI, b) Step-Up 2020 - Drive More, Pay Less and c) EZ 10 or 10-year finance scheme.
Under the first scheme, a customer opting for a Standard Loan and Agility can avail of an EMI-free period for the first three months. EMIs will commence after the three-month period of the 3, 4 or 5 year loan as customised by him or her.
The ‘Step-Up 2020’ is based on Agility and empowers the customer to opt for a payment option suiting her/his financial convenience based on the availability of liquidity. Small sum as the EMIs for the first six months of the contract and regular EMIs starts from seventh month onward.
EZ10 is a first of its kind initiative under which Mercedes-Benz India will extend a customer's loan tenure to 10 years. This financial solution is based on five years Agility and five years refinance, an amalgamation of two contracts. A customer also has the option to opt for a guaranteed buy-back after five years.
Martin Schwenk, MD and CEO at Mercedes-Benz India says these financial schemes will help customers seal the deal for the wheel they have been planning. "Wishbox 2.0’ is highly flexible and we are confident will instill customer confidence by offsetting some of their financial commitments. These smart financing solutions are one-of-its kind and are our own way of supporting our customers’ investments and addressing the prevalent market challenges," he said.
Demand in the Indian auto industry is likely to be muted in the near and medium-term future. While several auto makers feel preference towards personal mobility will lead to a spurt in demand, this may be restricted to smaller cars. Regardless of segments, OEMs are increasingly coming out of the pavilion to offer schemes in a bid to attract buyers.