Should you buy a used car?

The Vietnamese auto market in early 2025 is witnessing a wave of sharp price cuts for 2024 models to clear inventory. The main reason is the oversupply situation, forcing automakers and dealers to apply many attractive incentive programs to attract consumers.

2024 inventory cars are heavily discounted

According to the General Statistics Office, in 2024, the number of domestically produced and assembled cars will reach 388,500 vehicles, along with 172,240 imported vehicles, bringing the total supply to 560,740 vehicles.

Adding about 60,000 vehicles in stock from the end of 2023, the total number of vehicles on the market reached 620,740 vehicles. However, sales were only about 510,000 vehicles, leading to an oversupply of more than 110,000 vehicles.

To stimulate demand, car manufacturers and dealers have launched a series of unprecedented discount programs to clear warehouses. Accordingly, Honda Vietnam reduced prices by supporting 50% of registration fees for City and HR-V, 100% of registration fees for Honda CR-V, and up to 250 million VND for Honda Accord.

Similarly, Hyundai Thanh Cong Vietnam Automobile Joint Venture also reduced prices by up to 75 million VND for car models manufactured in 2024; Ford Vietnam reduced 10 - 47 million VND for Ford Ranger, supported 50% of registration fee (66 million VND) for Ford Everest Ambiente, and reduced 100 million VND for Ford Explorer; Mitsubishi Vietnam reduced 50% of registration fee for Attrage, reduced 72 million VND for Outlander, and reduced up to 73 million VND for Outlander...

In addition to direct discounts, many dealers also support registration fees, give away insurance, and accessories. Furthermore, even though the car is manufactured in 2024 and is 100% new but has not been used, the manufacturer's warranty is still fully guaranteed.

Should I buy a used car?

Regarding the benefits and risks of buying inventory cars, experts say that large discounts help consumers save a significant amount of money, from tens to hundreds of millions of dong.

However, experts also pointed out the points to note before buying an inventory car. Accordingly, cars manufactured in 2024 will lose value faster when resold than cars manufactured in 2025 because on average, older cars will lose value from 15 to 30 million VND when resold.

In addition, some vehicles that have been in stock for a long time may have problems with the battery, tires, and brake system if they are not regularly maintained. Customers should check carefully before receiving the vehicle.

In addition, because it is an inventory, the number of versions and colors of the car may be limited, not having many choices according to preferences like a new car.

According to experts, the decision to buy an inventory car in 2024 or not depends on each person's needs and financial conditions. If consumers prioritize saving costs and are not too strict about versions or colors, this is a good opportunity to own a new car at a bargain price.

However, if consumers are concerned about resale value or want more equipment options, consider carefully before "putting down the money."

When buying a stock car, you need to carefully check the car before receiving it, such as checking the VIN number to know the production time, checking the engine compartment and wheel wells to assess the storage condition. At the same time, ask the dealer to change the engine oil and check important parts before putting the car into use.

In addition, you can also negotiate additional incentives from the dealer to optimize benefits.