Reasons like high inflation, fuel prices and unfavourable interest rates, resulting in high cost of ownership, have affected car sales in India over the past year. According to a study by the Society of Indian Automobile Manufacturers (SIAM), passenger car sales fell 9.6% in 2013 to 1,807,011 vehicles from 1,998,703 in 2012. This decline in annual car sales occurred for the first time in the past 11 years owing to customers deferring their purchases amidst a slowing economy.