Days before Tet, many people forfeit their car rental deposits due to concerns over increased traffic violation fines under new regulations.
Self-drive car rental prices surge with limited availability
Similar to previous years, self-drive car rental services are in high demand in the lead-up to Tet, the Lunar New Year, in 2025. Market research indicates that rental prices in Hanoi have surged, with daily rates exceeding one million VND, and some even reaching over two million VND, depending on the vehicle type and age.
Rental companies typically offer packages with a minimum duration of nine to fifteen days. Finding a company that provides short-term rental agreements is quite rare.
Despite the steep prices, many agencies have already run out of available cars. As early as the twelfth month of the lunar calendar, customers started booking and placing deposits for their Tet holiday rentals. Those who are booking at a later stage have limited options.
At a self-drive car rental agency in Cau Giay District, all thirty of their vehicles were booked and contracted two weeks ago. By the twenty-fourth of the twelfth lunar month, they had already started handing over the cars to customers who needed them early.
Customers forgoing deposits due to heightened traffic violation fines
With the elevated rental prices and the requirement to rent for the entire holiday period, which is approximately nine to ten days, customers are facing costs of nearly twenty million VND for the car rental alone, excluding additional expenses such as fuel, tolls, and parking fees. This year, numerous individuals who had placed deposits on car rentals a month in advance decided to forfeit their deposits due to personal reasons.
Many customers shared their concerns about the new traffic violation regulations, as stipulated in Decree 168/2024/ND-CP, which led to their decision to cancel their bookings. This decree introduces stricter penalties for various offenses, causing anxiety among occasional drivers.
According to Decree 168/2024/ND-CP, common violations such as speeding can result in fines up to eight million VND, disregarding traffic signals can lead to fines up to twenty million VND, and drunk driving violations can incur fines up to forty million VND, along with the potential revocation of the driver’s license…
Faced with these substantial fines, many individuals worry that even a minor infraction could result in significant financial loss or the loss of their driving privileges, impacting their personal finances and daily commutes. As a consequence, the self-drive car rental market has experienced a slowdown, particularly among customers who are less experienced drivers.
Thai Son (Tuoitrethudo)
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