A series of car models continue to reduce prices up to hundreds of millions of dong

This August, Subaru Vietnam is implementing subsidy programs from 50 to 140 million VND to stimulate consumption for the Forester model.

If the iL version of Subaru Forester includes all incentives from both the manufacturer and the dealer, the average selling price of this model is about 969 million VND, a decrease of 50 million VND compared to before.

The iL EyeSight version has been reduced by about 110 million VND, selling for 1.099 billion VND. The iS EyeSight version has the highest reduction of up to 140 million VND, only 1.199 billion VND.

Although the above prices are given, the actual prices at the dealers will vary depending on the policies of the sellers.

Up to this point, the Subaru Forester model is one of the car models with the biggest price reduction compared to other competitors. This is also considered the company's main car model in Vietnam since switching from importing from Japan to importing from Thailand.

Currently, Subaru Forester is still imported from Thailand in 2024, however, when the factory in this market closes and switches to importing from Japan, the selling price will certainly be somewhat higher due to tax and fee factors.

Also entering the market and offering deep discounts is Suzuki Ciaz. Specifically, after applying incentives, a car dealer in the Central region offered a selling price of 440 million VND for this car model, a reduction of about 95 million VND compared to the dealer's previous listed price of 534.9 million VND.

It is worth mentioning that this discount policy only applies to the remaining 2022 brown Ciaz models of the dealer and with very few remaining vehicles in stock.

Thus, with a discount of up to 95 million VND, the price of Suzuki Ciaz is as cheap as the standard version of competitors such as Hyundai Accent MT (439 million VND) or Toyota Vios MT (458 million VND).

Compared to models in the lower segment, the price of Ciaz from this dealer after incentives is about 10 million VND cheaper than Hyundai Grand i10 Sedan 1.2 AT.

Currently implementing the strongest price reduction on the market is Honda Vietnam. Accordingly, this car company continues to launch familiar incentive policies for most car products with a value of up to more than 200 million VND.

Specifically, the two models HR-V and BR-V receive a 50% reduction in registration fees along with a number of other gifts from the dealer.

Due to the application of a 10% registration fee, the highest value for HR-V is up to 43.6 million VND and BR-V is up to 35.3 million VND.

The deepest discount for Honda cars is the D-class sedan, the Honda Accord. As of August 2024, the Accord line continues to receive a cash discount of 220 million VND as in previous months to clear out old cars. However, Accord sales are still not optimistic.

Also continuing to participate in the price reduction race for a long time are the car lines of the Japanese car company Mitsubishi.

Accordingly, many Mitsubishi dealers said that the Mitsubishi Xforce line is being discounted with many different versions, in which the Xforce Exceed version is being discounted in cash with a value equivalent to 100% of the registration fee.

The Xforce Exceed version is currently priced at 640 million VND.

For customers in Hanoi and Ho Chi Minh City, the dealer offers a cash discount equivalent to 12% of the car price, or VND76.8 million. Meanwhile, customers in the provinces with a 10% registration fee receive a discount of VND64 million.

With this discount, the total cost of the Xforce Exceed version in provinces with a 10% registration fee is only 643 million VND. Meanwhile, the lowest Xforce GLX version only enjoys a 50% registration fee promotion, so the cost of the vehicle is about 633 million VND.

Notably, the cars included in the promotion are all manufactured in 2024. Meanwhile, many car models on the market today, although discounted, are mostly manufactured from 2023 or earlier.

Consumers wait for registration fee reduction

According to the General Statistics Office, in July, 44,400 vehicles, including domestically produced and imported vehicles, were sold in the Vietnamese market, an increase of 3.4% compared to June.

The General Statistics Office also said that there was a significant difference between imported cars and domestically assembled cars.

“In July, the number of domestically assembled cars reached 27,400 units, down 50% compared to June, the number of imported cars reached 17,000 units, up more than 1,500 units compared to June. This is also the highest increase since the beginning of the year of imported cars to Vietnam,”General Statistics Office said.

Meanwhile, the sales report of the Vietnam Automobile Manufacturers Association (VAMA) shows that the 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 market sales 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. It is worth mentioning that sales of domestically assembled vehicles decreased by 12% while imported vehicles increased by 19% compared to the same period last year,”VAMA commented.

Despite many preferential policies on price reduction and registration fee reduction, August is the quietest time for the Vietnamese car market when consumers are still "silently waiting for the right time" to enjoy preferential registration fees for domestically produced and assembled cars and it is during the "Ngua" month, the month when Vietnamese consumers hardly buy or sell.

Therefore, despite many discount policies to stimulate consumer demand, most car manufacturers and dealers do not expect the purchasing power of the Vietnamese market this month.