Prospective car buyers will have to fork out more money this festive season as the combination of higher input costs and rupee depreciation forced to hike prices of their products, despite low sales.

Korean automaker Hyundai announced increases of up to Rs 20,000 in prices of its products, citing rupee depreciation and higher input costs. The increases in prices will take effect from October 1, 2013.

Announcing the decision, Hyundai's Senior VP (Sales & Marketing) Rakesh Srivastava said, "We will be increasing the prices from October 1 by Rs 4,000 to Rs 20,000 across models except our new model Hyundai Grand, which has been recently launched at an aggressive introductory price."

A few days back, Japanese automobile giant Toyota Kirloskar announced a price hike of Rs 24,000 for all of its key models, including widely popular Innova.

Tata Motors Ltd has also announced its plans to increase prices of its cars in the passenger as well as commercial vehicles in the range of 1 per cent 1.5 per cent.

The list of other automakers that have already increased prices of their products includes Audi, BMW, Ford, Mercedes and GM.