The Indian automotive market is the third largest in the world after China and the USA. 38.9 lakh passenger vehicles were sold during 2022-23. CY2023 recorded the highest-ever yearly sales of 41,00,258 vehicles. During the fiscal year ending in March 2023, the top 3 carmakers are Maruti Suzuki, Hyundai, and Tata Motors. During 2023-2030, the Indian automotive market is expected to grow at a rate of 9.7% CAGR. With a rapidly growing car market in India, more and more car manufacturers are launching new cars regularly. If you are looking for affordable new cars under Rs. 5 lakh in 2024, let us explore the leading choices you currently have.

Top 5 Most-selling Cars (in units) in India (in April 2024)
1. Punch: 19,158
2. Wagon R: 17,850
3. Brezza: 17,113
4. Dzire: 15,825
5. Creta: 15,447
Source: Industry #TATAPUNCH #Tatamotors #Maruti#Suzuki#WagonR#Brezza#Dzire#Creta#India#automobile#Transport#carshow pic.twitter.com/UPoYozOZAk

---Advertisement---

— Wealthy&WiseIndex (@WWiseindex) May 7, 2024

Top 5 New Cars Under Rs. 5 Lakh in 2024

• Maruti Alto K10

Maruti Alto K10 is still the most popular choice among new buyers who are looking for a new car under Rs. 5 lakhs. The ex-showroom price is Rs. 3.99 Lakh. 

This compact-sized car is the ideal choice for you if your primary need is a family car to commute in cities. Whether it is narrow lanes or congested traffic in India, the Maruti Alto K10 continues to be the top choice among new buyers in 2024. This new, reliable, and efficient car offers you a mileage of 22.97 kmpl to 33.85 Km/Kg.

Also Read: Maruti’s Rs 6.49 Lakh Car Developed With Rs 1,450 Crore Investment, Know More

• Renault KWID

The new Renault KWID, a stylish hatchback, is a popular car that you can buy at a price under 5 lakh. The price is Rs. 4.69 Lakh. 

This cost-effective is perfect for your daily commute in the city landscape. Renault KWID provides you with mileage ranging from 17 to 22.3 kmpl. With feature-rich interiors and modern design at an affordable price range, this new car gives you every reason to buy it as your next new car.

• Maruti S-Presso

This is a compact SUV-styled car that provides you with great mileage at an affordable price point. You will get a mileage of 24.12 kmpl on the petrol version and 32.73 Km/Kg on the CNG version, making Maruti S-Presso one of the most fuel-efficient cars available currently. 

Maruti Suzuki has priced it at Rs. 4.26 Lakh, which makes it the perfect choice for your next new car under 5 lakh. It comes with a robust design, a comfortable high seating position, and an enhanced driving experience at an affordable price range.

Also Read: Affordable 7 Seater Car From Tata, Mahindra, Maruti: Know All Now!

• Bajaj Qute (RE60)

If you are looking for a new car under 5 lakh with maximum fuel efficiency, this new car will enthral you. It comes at a price of just Rs. 3.60 lakh. 

This is the first-ever quadricycle in India, whose cute look, compact size, and amazing fuel efficiency of 43 Km/Kg CNG make it an obvious choice for you if you are looking for a new car under Rs. 5 lakh. It is the perfect city car for you, which you can navigate easily through the crowded Indian city roads and narrow bylanes. 

• Strom Motors R3

If you are looking for a new electric car under 5 lakh, then Strom Motors R3 is the perfect choice for you. This 2-seater electric car comes with an ex-showroom price tag of Rs. 4.5 lakh. 

Strom Motors R3 is a zero-emission vehicle with a unique design that can run for 200 km per charge, making it a perfect choice for an environmentally-conscious buyer like you. 

Also Read: Best Electric Cars In India: Top Picks For 2024-Check Now!

Final Words

Maruti Alto K10, Renault KWID, Maruti S-Presso, Bajaj Qute (RE60), and Strom Motors R3 are some of the most exciting new cars under 5 lakh you can buy. However, there are some exciting upcoming cars under Rs. 5 lakh that you may consider too in 2024. 

The top 3 upcoming affordable cars are the Maruti Cervo, Tata Kite 5, and Volkswagen Up. All of them are reportedly priced at below Rs. 5 lakhs. The upcoming Maruti Cervo is going to be a compact hatchback that will come with modern features. The upcoming Tata new car under 5 lakh is a compact sedan named the Tata Kite 5. If you prioritise build-quality and safety features in a car, this is a must-buy car for you. 

Also Read: Safest Electric Cars In India: Showcasing The Safety Features

The last but not the least is the Volkswagen Up. This is yet another new car option for you if your budget is below Rs. 5 lakh. If you are looking for a small hatchback with premium interiors for your daily commute in the city, this will be the right choice for you. 

Get ready to buy your next new car under 5 lakh in 2024. You may choose from the above-mentioned car options if you are looking for a budget-friendly car that provides you with fuel efficiency, good performance, great features, and amazing design. Keep an eye on this space for more exciting car options. 

Also Read: Upcoming Car Launches In May 2024: Force Gurkha, Tata Altroz Racer, Nexon ICNG And More