Car price reduction race in the last month of 2024, some cars reduced by nearly half a billion VND

The Vietnamese automobile market at the end of 2024 became vibrant with the appearance of many new car models and diverse promotional programs. Car manufacturers focused on reducing prices, supporting registration fees and giving away accessories to attract customers, especially in the context of declining purchasing power after the Government's policy of supporting 50% of registration fees expired.

The biggest discount is from BMW, when this car company announced a preferential policy of 10% of the value of the two models iX3 and i4 (equivalent to about 350-380 million VND), with a genuine Wallbox fast charger included. In addition, loyal customers also have an additional discount of 50 million VND, bringing the total discount to nearly half a billion VND.

The remaining BMW models are all discounted from 50-100% of registration fees depending on the vehicle, with accessories and genuine maintenance packages included.

Similar to BMW, Toyota launched a policy to support 50-100% of registration fees for its best-selling models, such as the Yaris Cross and Corolla Cross models reduced by 33-38 million VND or the Vios reduced by 23 million VND. MPV models such as Veloz Cross and Avanza Premio have 100% reduction in registration fees, equivalent to 56-66 million VND depending on the vehicle.

Also in December 2024, Honda Vietnam applied a cash discount policy of up to 250 million VND for the Accord D-class sedan. After the discount, the Honda Accord is priced at only 1.069 billion VND. Some other models are supported with 50% of the registration fee, such as the Honda City model, which has a rolling price 25-28 million VND cheaper. The selling price of the CR-V model has also dropped to more than 900 million VND, about 100 million VND cheaper than before.

Ford Vietnam also applied a 50% discount on registration fees for its two best-selling models: Ranger and Everest. The American car company further reduced the cash price of the D-class SUV by 15-22 million VND, and reduced the listed price of the Ford Territory by 40 million VND.

Responding to the year-end price reduction race, KIA and Mazda both have incentives for car models with quite high discounts. Specifically, the KIA Sorento model is discounted from 10-110 million VND after deducting incentives, depending on the gasoline, diesel or hybrid version. Some models such as the KIA Seltos have discounts from 30-40 million VND.

In addition to the 85 million VND discount on the selling price, Mazda6 also comes with additional accessories. Mazda CX-5 has a smaller discount of only about 20 million VND.

Mitsubishi has launched a series of incentives for each car model, the highest of which is nearly 60 million VND after converting to cash. All car models are supported with 50% of registration fees, accompanied by fuel vouchers from 8-25 million VND and different accessories depending on the car model and version.

Compared to KIA, Hyundai has a slightly lower discount with a maximum direct discount of about 90 million VND, depending on the car model and version. In addition to the free accessories, the Korean car company also offers physical insurance and preferential interest rates when buying cars on installments. In particular, the Hyundai Creta model has a 100% reduction in registration tax.

In December 2024, Skoda reduced the prices of two imported SUV models, Kodiaq and Karoq, to ​​stimulate shopping before Tet. In addition to 100% support for registration fees, the car company also gave away a voucher worth 30 million VND to customers who bought the car. The total discount is equivalent to 144-166 million VND depending on the car model and version.

Car manufacturers and dealers expect the above preferential policies to be a "boost" for car sales in the last month of 2024 to be equal to sales in October or close to the peak figure in November.