Besides bringing down resale value, it will lead to lower insurance premium: Industry players
The doubling of depreciation rate to 30 percent for vehicles bought until March 31, 2020, as announced by Finance Minister Nirmala Sitharaman on Friday, augurs well for the used-vehicles market, say, industry players.
A higher depreciation rate will mean that the resale value will come down faster, which will prompt customers to replace the car sooner. It will also bring down insurance premiums from the second year, apart from allowing businesses to claim higher business expenses, which would lead to more tax benefits.
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