The Price War: Toyota Vios vs Hyundai Accent

2024 Toyota Vios. Photo courtesy of Toyota Motor Vietnam.

As we enter the second quarter, many car manufacturers are importing vehicles with 2024 VIN numbers. This also marks the time when automakers introduce various promotional programs to clear their inventory. Two former “kings” of the sedan segment, the Hyundai Accent and Toyota Vios, are being offered with significant discounts during this period.

Hyundai Accent: Discounts of Over 60 Million VND

According to a survey by Tri Thức – Znews, the 2023 Hyundai Accent is currently being offered with discounts ranging from 40 to 65 million VND, depending on the dealership. We reached out to a Hyundai dealership in Ho Chi Minh City, and a sales consultant informed us that they were running low on the 2023 Accent with only 1-2 units left of the 1.4 AT Special Edition in black.

The dealership is offering a discount of approximately 50 million VND to clear their inventory and make way for the incoming 2024 Accent models. However, the salesperson also emphasized that this discount is exclusive to their dealership and will only last until they sell out of the 2023 VIN vehicles. Interested customers are advised to contact dealerships in April to take advantage of this offer.

“The 2023 Hyundai Accent is being offered with a 50 million VND discount at our dealership. As customers are keen on taking advantage of this deal, our inventory is dwindling, and we don’t expect any units to be left by the end of April,” the salesperson added.

Hyundai Accent. Photo: Bối Hạ.

Interestingly, a sales consultant from another Hyundai dealership in northern Vietnam shared that they are offering a discount of 67 million VND for customers who place an order for the 2023 Hyundai Accent AT Special Edition. With this promotion, the car’s price drops to 475 million VND.

The dealership is also offering discounts of 20-30 million VND on the 2024 Hyundai Accent to stimulate consumption during these challenging times. The salesperson confirmed that this is an exclusive program initiated by the dealership and its staff to support customers and is not available at other locations.

With these short-term incentives and competitive pricing, it’s no surprise that the Hyundai Accent remains a strong contender in the B-segment sedan category. According to the latest report from the Vietnam Automobile Manufacturers’ Association (VAMA), the Hyundai Accent recorded sales of 967 units, representing a growth rate of nearly 165%. In the first quarter of this year, TC Group sold 2,250 Accent units, temporarily leading the pack ahead of the Honda City and Toyota Vios.

Toyota Vios: Stacked Promotions

The former champion of the B-segment sedan category is also being offered with promotions after experiencing fluctuations in sales. Previously, Toyota Vietnam announced price adjustments for the Toyota Vios, making it more affordable for customers. Following the adjustment, the prices of the Vios 1.5 E-MT, 1.5 E-CVT, and 1.5 G versions are now 458, 488, and 545 million VND, respectively, reflecting a reduction of 21-47 million VND.

In addition to the manufacturer’s promotional program, customers who purchase the Toyota Vios during this period can also enjoy additional discounts of 10-15 million VND from dealerships. According to a sales consultant at a Toyota dealership in Ho Chi Minh City, this is an exclusive offer initiated by the dealership and its sales staff to attract buyers after a period of volatile sales.

The discount amount is deducted from the sales consultant’s commission, also known as “cutting the commission,” to benefit the customers. The salesperson also mentioned that the Toyota Vios models offered with this promotion are the 2024 VIN vehicles, as the 2023 VIN units were sold out before the Lunar New Year holiday.

Toyota Vios. Photo: Bối Hạ.

In March, the Toyota Vios witnessed a strong recovery in sales after a month of decline. Data from VAMA shows that Toyota Vietnam sold 934 units of the Vios in March, representing a growth rate of over 449%. Cumulatively, in the first three months of the year, the sales figure for this B-segment sedan stood at 1,761 units, temporarily ranking third in the segment.

With the various promotional and incentive programs being offered by the automaker and dealerships during this period, the Toyota Vios is likely to reclaim its top spot in the segment in the coming months. However, the former “king” of the B-segment will face increased competition, not only from the Hyundai Accent but also from the Honda City, which has been consistently recording strong sales growth since the beginning of the year.