Car owners in distress as car prices plummet

Several popular car models have been consistently reducing their prices by tens of millions of Vietnamese dong, causing prices in the second-hand market to also drop significantly.

Administrator

1 March, 2024

New cars are discounted, and as a result, used cars are losing several million dong. Photo: Dinh Thong.

In just a short time from late 2023 until now, the Vietnamese car market has seen multiple price adjustments across all segments. Among them, some popular MPV or SUV models have even increased or decreased in price within a few weeks. This has caused quite a stir in the secondary market because in just a few days, car owners may lose several million dong.

Mass-market cars drop more than 100 million after a year

Mr. Van T. (Hanoi) plans to sell his 2022 Toyota Raize to switch to a larger SUV that better suits his family. However, the SUV he just bought at the beginning of 2023 for nearly 600 million is now being offered to him for less than 420 million dong.

According to Mr. T., initially due to not updating the new price, he listed the Raize for sale at 489 million dong. However, as soon as he posted it on various groups, the post received a lot of comments and interactions, expressing mockery. It was only then that the owner realized that the hybrid SUV had dropped in price at the beginning of the year, causing the price of used cars to follow suit.

Toyota Raize. Photo: Vinh Phuc.

“Initially, I didn’t know, I thought the price of the car was the same, so I listed it for 489 million dong. I didn’t expect that the new Raize price had dropped to less than 500 million dong. Now the car is almost new, no flooding or scratches, but it’s losing several tens of million dong,” Mr. T. shared.

Similarly, Ms. Viet Ha (Ho Chi Minh City) also faced the same situation, losing tens of million dong due to unexpectedly sharp drops in the listed prices of new cars. She said that her family’s Toyota Raize, which they bought at the end of 2022, including all costs, was priced at around 550-560 million dong. After nearly 2 years of driving, when she wanted to sell it, she was surprised to find out that the new car was priced at less than 500 million dong.

“The price of new cars dropped by tens of million, so the price of used cars like mine also decreased. Several months ago, I could sell it for about 450-460 million dong, but now many people are asking to buy it for 400 million dong. If we include the accessories that my family equipped before, I would be losing nearly 100 million dong selling the Raize now,” Ms. Ha added.

Lose with discounts, inventory without discounts

On social media groups, the prices of used cars have also rapidly changed like the new car market. The new listed prices of many SUV models that have dropped and quickly increased again have also affected the prices of used cars. This has also affected used car dealers who have to constantly adjust their prices based on the new car market.

Mr. Ba Hung (Hanoi), the owner of a used car dealership, shared with Tri Thuc – Znews about having to lower the prices of used cars according to the market to attract customers. Among them, some models such as the Toyota Raize or Hyundai Tucson have caused his shop to be in a difficult situation because reducing the price would result in a loss, but not reducing it would result in a loss of customers.

Mr. Hung revealed that at the beginning of December 2023, a 2021 Hyundai Tucson with an odometer reading of about 30,000 km was priced at around 780 million dong due to the sudden price increase by the manufacturer. After the new year began, this SUV was only worth about 700-730 million dong because its age increased by one more year and the new car dealership’s discount programs were too deep.

“The 2021 Hyundai Tucson diesel at our store was priced at around 780 million, but now it’s only worth less than 740 million due to the price drop and the new year. So, in just a few weeks, it would lose tens of million dong,” said Mr. Hung.

Hyundai Tucson. Photo: TC Group.

Meanwhile, the 2022 Toyota Raize that Mr. Hung priced for customers at 500 million dong is temporarily stagnant due to the price drop of the new Raize. Despite being equipped with additional features such as screens, 360-degree cameras, and leather floor mats, the car still cannot be sold successfully.

“Customers don’t care about how much I bought the car for or how much profit I make from selling it. They only know that the new Raize is priced at 489 million, and the old car is currently priced at 500 million dong. That’s enough reason for customers to choose to buy a new car,” Mr. Hung explained.

However, many shop owners also said that this is the general situation of the market. Although the prices of used cars have been affected, they still attract a specific group of customers. Especially in the early year period, after a certain time of selling new cars, ongoing promotions have “sold out”. Therefore, used cars have become a better choice if customers want to receive the car before the Lunar New Year.

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The Car section offers readers interesting books on various topics. During journeys with cars, there are often moments of rest and relaxation, and the pages of books are interesting companions.

Mass-market cars drop more than 100 million after a year

Lose with discounts, inventory without discounts

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