The 2023 year-end sale season has begun. While the prices of most car models have been lowered to attract buyers, some new models are offered at sky-high price levels. Dealers explained that the supply of newly released models is unstable, so they push the selling prices up, or ask clients to buy spare parts in exchange for early delivery.
Clients who want to buy 6-seater Palisade Prestige are required to pay an additional VND70-80 million if they want prompt delivery. The officially quoted price is VND1.589 billion.
Meanwhile, buyers of 6-seater Exclusive with the MSRP (manufacturer’s suggested retail prices) of VND1.479 billion have to pay VND50-60 million additionally.
A salesman said if customers don’t pay additional money, they will have to wait until the end of December or early 2024 to get deliveries.
The statements by car dealers have reminded people about Hyundai models Santa Fe and Tucson in early 2022. Car dealers required Santa Fe buyers to pay VND100 million additionally before 2022 Tet holiday. But later, they had to offer discount of up to VND200 million in summer because of oversupply.
Tie-in sales have also been applied to the next-generation Toyota Innova Cross marketed in October 2023.
The buyers of Innova Cross are required to buy a set of spare parts worth VND30-50 million to be able to get cars soon, or are told to wait 1-2 months to get deliveries. Car dealers explained that imports under the mode of CBU (complete built unit) from Indonesia are in short supply so the customers accepting to buy spare parts will be given priority.
The same is occurring with Honda CR-V 2024 introduced by Honda Vietnam last October. At some Honda’s sales agents in the north, CR-V e:HEV RS imported from Thailand has the MSRP of VND1.259 billion, but buyers will have to pay VND40-50 million additionally for car parts.
Toyota Vietnam in early October announced price increase of VND96 million for Land Cruiser LC300, raising the MSRP to VND4.196 billion.
Meanwhile, the Vietnam Automobile Manufacturers’ Association (VAMA) reported unsatisfactory sales. Its member companies sold 25,369 cars in October, a 31 percent decrease compared with October 2022.
They believe that the situation won’t improve much in the last two months of the year as purchasing power is weak.