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Old 4th May 2009, 20:24   #1
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Default Tata Nano gets only 2,03,000 + fully paid bookings

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Tata Motors rakes in Rs 2,500 cr from Nano bookings- Automobiles-Auto-News By Industry-News-The Economic Times
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Old 4th May 2009, 20:29   #2
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i thought it would be atleast 5 lakh bookings.So essentially you have a 50% chance of a getting a Nano.
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Old 4th May 2009, 20:41   #3
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Considering the slowdown and Tata Motor's Cash crunch, Nano seems to have rescued Tata Motors in the short term.

Now it remains to be seen, how fast Tata can deliver these bookings, without hassels to the customers.

One more thing that will affect Tata motor is that they have promised the higher interest rates (for delayed delivery), higher than current bank rates.

So more the delay, Tata motor will have a significant interest payout.
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Old 4th May 2009, 20:46   #4
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and only the first lakh are going to be built to the quoted prices. I wonder what the pricing for the rest of them will be
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Old 4th May 2009, 21:55   #5
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Quote:
Originally Posted by Ram_NP View Post
One more thing that will affect Tata motor is that they have promised the higher interest rates (for delayed delivery), higher than current bank rates.

So more the delay, Tata motor will have a significant interest payout.
Interest payout is still less than the prevailing interest rates for unsecured loans... heard that banks are still charging 13-22% to corporates for over drafts/ short/ long term loans...

..no wonder Tata has corporate FD's etc at interest rates less than what the banks are giving them
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Old 4th May 2009, 22:05   #6
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Article states that 50% of the bookings is for the top-end variant.


To me this is a revelation. Contrary to the popular expectation, it looks like most of the bookings are from people who want to own a second or third car to run their weekend errands or buying one for the sons and daughters.

I guess the target audience for which the car is primarily targeted are playing the wait and watch game.

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Old 4th May 2009, 22:23   #7
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Doesn't the article say that the number is for the fully paid bookings? I think poor people would go for booking at 3K via finance instead of dumping 95K for a lottery.
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Old 5th May 2009, 00:08   #8
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Quote:
Originally Posted by Ram_NP View Post
they have promised the higher interest rates (for delayed delivery), higher than current bank rates.

So more the delay, Tata motor will have a significant interest payout.

Its pretty good for TATA. With pathetic Credit rating TML has at the moment any rate less then 20% is VERY good news for them.

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Originally Posted by srijit View Post
think poor people would go for booking at 3K via finance instead of dumping 95K for a lottery.
Even with 3K booking, from TATA's Point of view its fully paid. Thats because Bank is going to charge interest from Day 1. So they must be paying this money to TATA.

Those who have booked through finance scheme.. have a question for you?

Does EMI start on delivery of car or earlier?
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Old 5th May 2009, 02:08   #9
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Wait one year and one can buy an used Nano with half the fuss. I think that's the best way to go. One would be surprised to know of the volume of less than a year old cars in the market. And, many of them come equipped with a fair amount of aftermarket accessories.I'm one of the 200,000, though. Next time!.
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Old 5th May 2009, 07:22   #10
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Originally Posted by nickatnite View Post
Wait one year and one can buy an used Nano with half the fuss. I think that's the best way to go. One would be surprised to know of the volume of less than a year old cars in the market. And, many of them come equipped with a fair amount of aftermarket accessories.I'm one of the 200,000, though. Next time!.
Patiance is greatest of human virtues! goes the old saying as we all know.
But we "homo sapian" does not always seek greatness / virtues etc. and more often than not goes after our hormone like adernaline etc.

If one can WAIT for one year no one knows what one can get after one year because future is UNKNOWN !
Dear BHPian may i ask to let me know how many agrees with me?
thanks
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Old 5th May 2009, 07:36   #11
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Two lakh bookings is a real disappointment.

The main reason according to me is that the acutal price of the car comes to Rs.1,55,000, which is a real dampner.

Guess the target audience is waiting for the diesel version, even the petrol SWIFT did not set the charts on fire for too long, look what the DDiS has done for the SWIFT.

Another point is that people want to see how the car performs before putting their money on it. They don't want to be a part of the guinea pig experiment that the initial customers would go through. Imagine what would happen if there is some serious manufacturing defect that shows up with a few months' running, there is a recall and stuff like that. That would be disaster, and ther risk averse ones are keeping off.

By the way, what is it with manufacturers who do not give test drives/rides of vehicles that they sell? First YAMAHA started it for the R15, and then the TATA NANO now.

I personally consider this a good development for the consumers. TATA can now kiss their chances or hiking the price of the car after the initial 1 lakh are produced. All competition that is brewing for the NANO would be still born because the effort is not worth the money
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Old 5th May 2009, 09:03   #12
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2L people buying a car even without a test drive!! After these cars are on the road, there would be more prospective buyers who are currently waiting to see some real ownership reports.
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Old 5th May 2009, 09:38   #13
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Well I expected NANO to generate more bookings. I guess all the euphoria has not exactly translated into booking.

But having said that, 2L bookings within a fortnight, paying 85% of the car, in the middle of recession is nothing short of a miracle.

I also know there are a lot of people who are waiting in the sidelines and intend to buy it after the whole hungama is over. My wife is one of them and is working on her Project Nano for next year.
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Old 5th May 2009, 09:49   #14
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Quote:
Originally Posted by Ram_NP View Post
Considering the slowdown and Tata Motor's One more thing that will affect Tata motor is that they have promised the higher interest rates (for delayed delivery), higher than current bank rates.

So more the delay, Tata motor will have a significant interest payout.
Actually 8.5% is an excellent rate for Corporate loans in the present market, TATA does not have a high credit rating right now, and this is just what they required.

Quote:
Originally Posted by srijit View Post
Doesn't the article say that the number is for the fully paid bookings? I think poor people would go for booking at 3K via finance instead of dumping 95K for a lottery.
This fully paid booking bit is not clear. TATA had mentioned that 95K would be the booking amount for the base model and about 140K for the top model. I guess in other cases (3k via finance) also if the car is to be actually booked the remaining amount does need to be paid on allotment. Or the finance company would have paid the remaining amount till allotment decision and then the emi's start or the booking needs to be cancelled. This is a bit confusing.
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Old 5th May 2009, 09:49   #15
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Quote:
Originally Posted by MileCruncher View Post
But having said that, 2L bookings within a fortnight, paying 85% of the car, in the middle of recession is nothing short of a miracle.

I also know there are a lot of people who are waiting in the sidelines and intend to buy it after the whole hungama is over.
I agree with you. Its impressive that 200,000 people were ready to pay the full payment and wait for their chance even when the company accepted that its production is behind the demand. Once the situation steadies I bet you that booking will start streaming in. I for one wanted to book one. But since I am not really desperate I thought I will wait for the rush to subside. I know at least ten people who think in the same manner.
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