Car prices slashed before Tet, up to a hundred million dong off

Ford Explorer is now discounted 400 million VND, bringing the price of the car below 2 billion VND. Photo: Boi Ha.

With the Lunar New Year just a few days away, the demand for cars for Tet holiday in Vietnam is quite high. Understanding this psychology, many dealerships and car brands are implementing promotional programs to help customers save hundreds of million dong.

Support for registration fee

In the last 6 months of last year, all domestically produced and assembled cars were eligible for a 50% reduction in the registration fee thanks to the government’s policy. Imported car models are also offered equivalent incentives to stimulate demand and increase sales, as the Vietnamese car market has not shown signs of recovery.

Entering the new year, although the government’s policy has expired, many car brands and dealerships are continuing to offer incentives in the form of support for registration fees. This gesture not only helps customers save the cost of buying a car, but also aims to improve sales from the first month of 2024.

Hyundai Accent, Hyundai Creta, and Hyundai Grand i10 are all benefiting from a 50% reduction in registration fees. Last year, Hyundai Accent was the best-selling model of the Hyundai brand in Vietnam with 17,452 cars sold, while Hyundai Creta achieved a sales volume of 10,719 cars.

Many Hyundai cars continue to receive a 50% reduction in registration fees. Photo: Boi Ha.

The above discount level helps customers save 32-44 million VND depending on the car model and the registered locality when buying Hyundai Creta. For Hyundai Accent, the equivalent incentive is 22-32 million VND, while Hyundai Grand i10 is reduced by 18-27 million VND.

Toyota Vios is also eligible for a 50% reduction in registration fees for customers buying cars in January. With the listed price ranging from 479-592 million VND, the discount that customers receive when buying Toyota Vios is equivalent to 24-36 million VND depending on the car model and the registered locality.

Honda City is also applying a maximum incentive of 100% reduction in the registration fee for customers buying cars this month. The highest discount is applied to the L and G versions, while the RS version of Honda City enjoys a 50% reduction in the registration fee.

Other imported Honda models such as HR-V, Civic, and Accord are also eligible for a 50% reduction in the registration fee. Last year, Honda Accord recorded a sales volume of 58 cars, along with the Honda Civic Type R (19 cars) being the slowest-selling models of the Honda brand in the Vietnamese market.

Honda Civic Type R is one of the slowest-selling models in the Vietnamese car market in 2023. Photo: Honda.

Most of the Mitsubishi passenger cars in the Vietnamese market are completely imported, so these models are not eligible for the 50% reduction in registration fees like locally assembled cars last year. However, the Japanese car brand is still actively implementing equivalent promotional policies to stimulate demand and enhance competitiveness for Mitsubishi passenger car models.

In 2024, all Mitsubishi cars will be eligible for a 50% reduction in registration fees for customers buying cars in January. In addition, the Japanese brand also offers valuable gifts such as a 360-degree camera, a reverse camera, or one year of physical damage insurance.

For Xpander Cross with the two-tone Cam-Black version, customers buying cars in January will receive 100% support for registration fees, along with a panoramic camera worth 20 million VND.

Last year, Mitsubishi Xpander was the best-selling model in the entire Vietnamese car market, surpassing many familiar names in the market such as Toyota Vios, Hyundai Accent, Ford Ranger, or Mazda CX-5. Of the total 19,740 Mitsubishi Xpander cars sold in Vietnam in the past 12 months, there were 17,838 completely imported cars from Indonesia, alongside only 1,902 cars assembled domestically.

Mitsubishi Xpander Cross with the Cam-Black version is supported 100% for registration fees. Photo: Vinh Phuc.

Vietnam Suzuki has also announced a 100% reduction in registration fees for customers buying XL7, Ertiga Hybrid, and Swift in January. Accordingly, the equivalent incentive has a maximum value of 140 million VND and can be converted into cash.

For Suzuki Ciaz, the incentive currently applied by the car brand is a 50% reduction in registration fees, equivalent to a maximum of 45 million VND. In addition, customers buying Suzuki Ciaz are also supported to buy cars with 0% interest installment payments for 6 months.

In the first month of the year, Ford is also implementing a 50% reduction in registration fees for the Territory, Ford Ranger, and imported Ford Everest SUV models. As for the 2022 Ford Explorer, dealerships are currently offering a cash discount of 400 million VND to clear inventory.

Cashback when buying cars

Similarly to the Ford Explorer, the two large SUVs of Volkswagen, Teramont, and Touareg, are also discounted by 400 million VND in cash. After the incentive, the selling price of Volkswagen Teramont is below 2,099 billion VND, while Touareg currently has prices ranging from 2,599 to 3,099 billion VND.

In addition, the Volkswagen T-Cross is also offered an incentive of 170-200 million VND by dealerships, while the Tiguan enjoys a discount of about 300 million VND, reducing the price of the car to 1,699 billion VND.

Many Volkswagen models are being offered incentives worth hundreds of million VND. Photo: Boi Ha.

Subaru is offering a cash discount of 250 million VND for customers buying the i-S EyeSight version of the Forester. For the i-L EyeSight and i-L versions, the incentive is 230 million VND and 170 million VND respectively. In addition, customers also receive additional gifts such as headrest pillows, a 5-year unlimited mileage warranty, and folding mirrors depending on the car version.