While the new auto market struggles to find ways to stimulate demand through various incentives, Vietnam’s used car market is witnessing a dynamic phase.
Deep price cuts and ample supply, yet demand doesn’t match up. Is this a short-term downturn or a sign of a long-term shift in consumer behavior?
Price cuts and a stagnant market
Never before have Vietnamese consumers had so many used car options at such affordable prices as they do now. Throughout the second half of 2024 and into the first quarter of 2025, used car prices have dropped by an average of 20 to 40 percent, depending on the model and year.
Popular sedans such as the 2012 Toyota Vios or the 2015 Kia Morning are now advertised for sale from just 150 to 250 million VND, a significant decrease from the previous year. Meanwhile, large SUV or luxury used cars, which used to hold their value well, have entered a price reduction cycle, with slower liquidity.
Many used car sellers and dealers admit that the decline in demand is mainly due to consumers’ “wait-and-see” attitude, given the incentives on new cars such as registration fee support, interest rate discounts, and even free accessories and body insurance. As a result, used cars have become less appealing to many mainstream customers.
Fierce competition in the compact segment
According to data from online car buying and selling platforms, the segment below 500 million VND remains the most active group. Urban compact cars with good fuel efficiency and easy maintenance, such as the Hyundai i10, Kia Morning, and Honda City, are highly sought after.
Notably, the competition comes not only from used car dealers but also from… cheap new cars. With strong incentives on locally assembled cars like the Hyundai Accent, Mitsubishi Attrage, or VinFast VF 5, consumers tend to stretch their budget a little to buy a new car instead of a used one.
Meanwhile, the used car segment priced from 700 million to over 1 billion VND (including various SUV models in the C and D segments, such as the Honda CR-V, Mazda CX-5, and Toyota Fortuner…) is under pressure due to increasing inventory, longer selling times, and some cars taking up to 20-24 days to sell.
Opportunities from Professionalization
Although the market is currently subdued, many experts believe this is a necessary “cleansing” phase for the used car market to move towards a more sustainable and professional form.
The increasing involvement of large enterprises such as VinFast, THACO, and Toyota Sure, along with platforms like Bonbanh, CarVivu, Vucar, and Anycar, is reshaping the market with transparent criteria: clear technical inspections, warranty policies, public pricing, and legal support for buyers.
An expert commented that the Vietnamese used car market is shifting from a ‘one-off’ transaction model to a service-oriented approach. Customers now not only seek a reasonably priced car but also expect warranties, technical inspections, and a transparent buying experience.”
Electric & Hybrid Cars: A New Segment in the Old World
A rare bright spot in the 2025 used car market is the emergence of used electric and hybrid vehicles. Although their proportion is still small, models like the VinFast VF e34 and Toyota Corolla Cross hybrid have started trading.
With rising fuel prices and lower maintenance costs for electric cars, the psychological barrier to green cars is gradually being broken down. However, concerns about battery lifespan, replacement costs, and charging infrastructure mean that this segment is still in its infancy.
2025 – A Golden Opportunity for Used Car Buyers?
For consumers looking for cost-effective car ownership, the first half of 2025 could be considered a “golden opportunity” to buy a used car. Three main advantages for buyers are: rock-bottom prices; abundant supply; and sellers under pressure to reduce prices, creating favorable negotiation conditions.
However, cheap deals come with risks. Common issues like accident-damaged cars, tampered odometers, substandard replacement parts, or outstanding fines are potential hidden dangers. Buying from reputable inspection units with warranties helps mitigate these risks compared to unverified private transactions.
The Vietnamese used car market in 2025 presents a dual picture: on one side, there’s inventory pressure and cautious consumer sentiment, and on the other, there are opportunities for consumers and a move towards professionalism.
In the short term, this is an opportune moment for buyers to find quality cars at reasonable prices. In the long term, if the market continues to embrace transparency, standardize processes, and offer a quality supply of 3- to 5-year-old replacement cars, used cars will no longer be a “nice-to-have” option but a sustainable segment in Vietnam’s automotive industry.
TH (Tuoitrethudo)
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