Traditionally considered the budget-friendly segment and largely insulated from the dealer markups commonly seen in scooters, the underbone motorcycle market has recently experienced an unexpected trend. Popular models such as the Yamaha Sirius, Yamaha Jupiter and Honda Wave Alpha are now being sold significantly above manufacturers’ suggested retail prices.

Budget motorcycles now command premiums of up to nearly $400

According to surveys conducted at dealerships in June, actual selling prices of several underbone models are ranging from a few million dong to nearly VND10 million ($383) above official list prices. The development signals a significant departure from previous years, when underbone motorcycles generally maintained stable prices and were rarely sold at a premium.

Among the most notable examples is the Yamaha Sirius, one of Yamaha Vietnam’s best-selling motorcycles thanks to its compact design, durable engine and low operating costs. At many dealerships, the Yamaha Sirius 110 is currently being offered for VND24.5 million to VND31.5 million ($938-$1,206), depending on the version - between VND5.3 million and VND9.3 million ($203-$356) above the manufacturer’s suggested price.

A similar situation is affecting the Sirius FI lineup. Its three variants are now selling for VND29 million to VND34 million ($1,110-$1,302), with some versions priced nearly VND9.75 million ($373) above Yamaha Vietnam’s recommended retail price.

The Yamaha Jupiter, another popular commuter motorcycle, had previously often been sold below list price by VND500,000 to VND1 million to attract customers. However, since the introduction of the Jupiter Finn in 2022, featuring upgraded styling and technology, demand has steadily increased.

Since the beginning of 2026, the Jupiter Finn has consistently been sold above list price, with June transaction prices averaging around VND32.5 million ($1,244). Official pricing ranges from VND27.69 million to VND28.38 million ($1,060-$1,087), meaning actual premiums now exceed VND4.5 million ($172).

Honda has also experienced similar pricing trends with its best-selling underbone model, the Wave Alpha. At some dealerships, the standard version is selling for around VND21.09 million ($807), more than VND3 million ($115) above the listed price of VND17.86 million ($684).

The special edition is being offered at approximately VND21.69 million ($830), nearly VND3 million ($115) above its suggested retail price of VND18.74 million ($718). Meanwhile, the retro-themed version is selling for around VND22.09 million ($846), roughly VND3.15 million ($121) higher than its official price of VND18.94 million ($725).

The Honda Future 125 FI 2026 has also seen substantial dealer markups. Actual selling prices at Honda dealerships currently range between VND38.5 million and VND39.8 million ($1,474-$1,524), representing premiums of VND7 million to VND9 million ($268-$344) compared with the manufacturer’s listed price of VND30.5 million to VND32.1 million ($1,168-$1,229).

Peak buying season and tighter supply

Historically, dealer markups have primarily affected high-demand scooters such as the Honda SH, Vision, Air Blade and Lead. Underbone motorcycles, benefiting from abundant supply, lower profit margins and intense competition, rarely experienced shortages or significant price inflation.

The emergence of premiums in the commuter motorcycle segment is therefore unusual compared with the market conditions of five to ten years ago, when models such as the Sirius, Wave Alpha, Jupiter and Future were commonly sold at or below their listed prices.

According to VietNamNet’s research, one key factor behind the recent price increases is the approach of the market’s annual peak purchasing season. The period, which typically runs from May through September, coincides with heightened demand from students preparing for the new academic year.

At the same time, limited factory output has contributed to tighter vehicle supply.

A representative from a Yamaha dealership in Hanoi said demand for the Sirius and Jupiter FI has risen significantly in recent months, particularly among customers from provincial areas and those purchasing motorcycles for delivery work and daily commuting.

“In the past, our underbone motorcycles rarely sold at a premium because supply was plentiful. However, over the last three months, some popular color variants have arrived in limited numbers, pushing up actual transaction prices. Customers are still willing to pay because the Sirius and Jupiter remain considerably cheaper than many scooters,” the representative said.

Dealers say rising seasonal demand and tighter supply are contributing to higher prices for popular commuter motorcycles. Photo: Y Nhuy

A sales manager at a Honda dealership in Hanoi also noted that demand from students and workers has supported higher prices for the Wave Alpha.

“The Wave Alpha continues to enjoy very strong demand. Many customers prioritize durability and fuel efficiency, so they are willing to pay several million dong more to take delivery immediately,” the dealership representative said.

Industry observers also point to changing consumer behavior. Amid ongoing economic uncertainty, some buyers who previously planned to purchase scooters are now opting for underbone motorcycles to reduce both upfront costs and long-term ownership expenses. This shift has further boosted demand for mainstream commuter models.

Despite current premiums, market participants do not expect the situation to persist indefinitely. As supply improves and the market enters its traditional year-end slowdown, actual transaction prices are likely to move closer to manufacturers’ listed prices once again.

Y Nhuy