Clearing out warehouse, many car models reduced in price by hundreds of millions of dong

To avoid backlog, sluggish sales and to clear inventory for upgraded versions or completely new generations about to enter the market, manufacturers and dealers continue to launch promotions, discounting hundreds of millions of dong to clear inventory for old generation models.

Many "grass" car models are deeply discounted

The deepest and longest-lasting discounts are on Mitsubishi products. Accordingly, Mitsubishi Motors Vietnam continues to implement support policies for all versions in its product portfolio.

Specifically, car models such as Attrage, Xpander and Xpander Cross continue to enjoy incentives of up to 100% of registration fees, installation of some accessories and interiors such as dash cams, electric folding mirrors, steering wheel covers, floor mats... Thus, the discount ranges from 50 - 100 million VND depending on the model.

Meanwhile, the two Triton and Pajero Sport models are also being offered huge promotions by dealers, with special financial support of up to VND135 million for pickup trucks and VND220 million for mid-size SUVs. The models eligible for incentives are all old versions manufactured in 2022 to clear inventory.

Also to clear inventory, Nissan Vietnam continues to reduce prices and support 100% of registration fees for the remaining Kicks model with production year 2023 (VIN 2023), with a preferential value equivalent to about 130 million VND. In addition, many Nissan dealers also apply separate policies such as discounts and accessory installation with a total support value of up to 240 million VND. However, the number of cars with "huge" incentives is quite limited.

With these preferential policies, the selling price of Nissan Kicks 2023 is currently only 618 million VND (for version V). This is a very attractive price compared to competitors in the B-size SUV/Crossover segment such as Hyundai Creta (599-699 million), KIA Seltos (599-799 million), Mitsubishi Xforce (599-705 million) or Toyota Yaris Cross (650-765 million),...

Luxury cars also compete to reduce prices

While many "grass" car lines are sprinting in the price reduction race to stimulate sales and also to compete with domestically assembled car lines because of the preferential 50% reduction in registration fees from September 1, 2024 - November 30, 2024 according to Decree 109/2024/ND-CP, many luxury car models are also joining the race and offering huge discounts.

Joining this price reduction race is Hyundai Santa Fe.

Accordingly, at some dealers in the Northern region, the standard Hyundai Santa Fe gasoline version is being quoted at under 940 million VND, the standard Santa Fe diesel version is priced at 1.028 billion VND, the high-end Santa Fe gasoline version is priced at 1.1 billion VND and 1.18 billion VND for the high-end Santa Fe diesel version.

Thus, compared to the listed price from the manufacturer, the old Santa Fe model at Northern dealers is 40 - 60 million VND cheaper.

Joining the price reduction race, Subaru Vietnam dealers are also applying a preferential price of up to 367 million VND for the Outback model, pushing the selling price of the car from 2.099 billion VND to 1.732 billion VND. The heavily discounted batch of cars belongs to the latest facelift version that was just launched last April, not the old version.

Another luxury car line that has also reduced its price sharply when joining the year-end market race is Mercedes-Benz Vietnam. Accordingly, this company has launched a big promotion in the context of a gloomy market, low purchasing power and domestically assembled cars are officially reduced by 50% of the registration fee from September 1, 2024 to November 30, 2024.

From now until the end of September 2023, customers who register to buy a car and complete the 100% payment procedure for the contract value will receive a 4.55% discount on the listed price of the product, equivalent to about 50% of the VAT value.

Notably, the model with the biggest discount is the Mercedes-AMG G63, with a total of VND534.6 million. This discount is enough for consumers to buy an SUV like the Kia Sonet or Toyota Raize. In Vietnam, the Mercedes-AMG G63 is officially distributed with a listed price of VND11.75 billion.

Sales report of Vietnam Automobile Manufacturers Association (VAMA) shows that total market sales in July reached 28,920 vehicles, including 22,847 passenger cars; 5,857 commercial vehicles and 215 specialized vehicles.

Of which, passenger car sales increased by 15%; commercial vehicles decreased by 9%, and specialized vehicles increased by 1% compared to the previous month. Notably, sales of domestically assembled vehicles reached 13,788 vehicles, up 6% compared to the previous month, and sales of completely imported vehicles were 15,132 vehicles, up 11% compared to the previous month.

“Overall, in the past 7 months, total sales of the whole market increased by 1% compared to 2023, of which passenger cars increased by 1%; commercial vehicles increased by 3% and specialized vehicles decreased by 1% compared to 2023. Notably, sales of domestically assembled vehicles decreased by 12% while imported vehicles increased by 19% compared to the same period last year,” VAMA commented.

According to assessments, the current time is for car manufacturers to continue launching sales incentives such as discounts, support for accessory installation, and fuel tank support when buying a car to increase sales in the market.

It is worth mentioning that this is also the time when companies launch new product lines to increase market purchasing power in the remaining time of 2024. Therefore, consumers need to carefully consider, calculate the time to spend money and choose the right car line.