visakhapatnam automobile bookings and sales have been tottering during the last one week following the demonetisation drive of highvalue currency launched by the central government according to automobile industry sources bookings for new vehicles including twowheelers and fourwheelers have dropped by nearly 4050 while retail sales have dropped by 6080 per cent in both the segments at the same time apart from sale of new vehicles even purchase of used fourwheelers and twowheelers have also dropped significantly during the last one week after the announcement of demonetisation the market has totally changed almost 60 per cent of the enquiries have vanished after the currency change announcement people are standing in banks and atms there are restrictions on withdrawals due to which there is an impact on the car segment as well i think the impact will be felt till the end of november observed sanni babu general manager of a fourwheeler showroom read also demonetisation to impact entry segment 2wheelers growth he said while car sales have dropped by almost 80 per cent in the last one week even those who paid the initial amount have not gone forward with the purchase as loans are not being disbursed now pointing out that almost 80 per cent of the customers depend on financial loans he said they have to pay some margin money in cash due to which there is an impact also he said that many banks are not processing loans as they are busy in exchange of currency narayana v general manager of a twowheeler showroom said not only is the purchase of twowheelers adversely affected people are not coming for servicing their vehicles even though the cash amount to be paid is small and loan amount higher they are putting off the purchase saying that they will come later he said thankfully the demonetisation drive was launched in november if it had been in october then it would have had a larger impact but we are still expecting at least 50 per cent drop in sales this month meanwhile p srinivasa rao proprietor of siva sai cars which deals in sale of used cars said there is no market it is very dull now people are in a state of confusion as to what to do usually we get about 510 enquiries but in the last one week there have been no enquiries nobody is coming forward now tnn published on nov 16 2016 at 0111 pm ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etauto app get realtime updates save your favourite articles