According to the Vietnam Automobile Manufacturers’ Association (VAMA), automobile sales dropped by 11 percent by the end of the first quarter 2024 compared with 2023. Of the number, car sales dropped 14 percent, commercial vehicles 3 percent and specialized vehicles 28 percent. It is estimated that 70,000 products remain unsold, mostly ones made in 2023.

The new car market is gloomy this year. However, used cars have caught the attention of many consumers.

According to Nextgen Vietnam, the number of searches for Toyota, Honda and Hyundai models last May increased significantly compared with April. The most wanted used models are economical in fuel and reasonable in price.

Toyota Vios and Toyota Innova led the list of used models, with 220,277 and 146,538 searches, respectively.

The demand for large cars suitable to different types of terrain has increased with the number of searches for MPV (Multi-purpose vehicle) and SUV (sport utility vehicle) old models increasing.

Japanese car models are often chosen by Vietnamese customers thanks to their reputation, durability, little need for repair, and practicality. Japanese-car owners can easily re-sell their cars

Analysts commented that the revival of the used car market is not just a sign of consumption habits, but a positive sign of the national economy. The recycling and re-use of old products will reduce the volume of waste and increase the value of used products.

In such a current used car market, buyers have more choices, from durable sedans to SUVs. 

Previously, Vietnamese customers hesitated to buy used cars for fear of risks. Broken parts, low quality and unstable prices were the challenges consumers had to face. However, the efforts to improve quality and post-sale services have helped the market become more attractive.

Prosperity

Traders of old cars not only have better business opportunities, but also can contribute to the development of Vietnam’s automobile industry.

The high-quality repair service and reasonable maintenance policy will help car dealers attract more customers.

According to Speed Car, a used car shop, customers need to pay a deposit for the car models they like. Some models have become so popular that they are sold right after they arrive.

There is a high interest in old models, which is a contrast to the past, when old cars were only reserved for less wealthy.

To compete and attract more buyers, car dealers often have to run sale campaigns, offer models with good design and low mileage, and offer good post-sale services.

In order to avoid risks, buyers need to learn carefully about the car origin, current situation and quality of the cars. They must be sure that the machines, chassis and gearbox are original.

More car dealers have begun selling products via social networks such as Facebook, YouTube and TikTok. In the past, social networks and e-commerce were believed to be reserved for only essential goods sales.

Some car dealers said they can now sell cars via livestreams, and the channel has been going well. Other dealers said they now combine offline and online sales. People can look at the models and then visit the shops to examine the cars before making a decision.