Reuters is reporting that sales of the world's cheapest car, the Tata Nano, are off to a brisk start, with a steady stream of customers lining up to purchase the car in Mumbai dealerships.
The reasons for purchase are varied, some want an affordable car and some are curious.
Those standing in line today will not be driving off the lot with a shiny new Nano, rather they'll walk away with a deposit slip for a shiny new Nano. Tata is filling its first block of 100,000 orders now. The car will be available in July, says Reuters.
There's no word on when it will roll across the American highways and byways.
Here's an excerpt from a Reuters FAQ on the vehicle.
WHAT WILL THE NANO COST?
Prices vary, but the standard Nano will cost 100,000 rupees ($1,993), ex-factory, though this is available to only 100,000 buyers who will be selected through a computer generated draw sometime between late-April and late-June. Showroom prices start from 112,735 rupees for the standard version and go up to 185,375 rupees for the luxury version.
WHAT IS THE BOOKING FEE FOR THE NANO?
For the standard version it is 95,000 rupees, rising to 120,000 rupees for the mid-segment model and 140,000 rupees for the luxury variant.
WHAT IS THE BOOKING PROCESS?
Customers can book online at www.tatanano.com and pay the booking fee there. Or they can book via forms at specified branches of State Bank of India (SBI.BO), the country's largest lender which is managing the process, dealerships and other outlets. Customers can get financing from 18 banks and Tata Motors Finance. Booking fees for financing start from 2,850 rupees for the standard model, at interest rates ranging from 9 percent to 14.25 percent.
