Which used cars are Vietnamese most interested in?

The used car market lags behind the new car market and is affected by price and market share fluctuations. But overall, over the years, a few names have maintained a stable appeal in the secondary car market, despite many changes in consumer tastes for new cars.

According to statistics from some used car trading platforms, Toyota Vios is the name that customers contact the most in 2024. Compared to 2023, this position has not changed. Contact does not mean a successful purchase or sale transaction.

As for Toyota, the Japanese brand has many used car models that are most popular with users. In addition to Vios, models such as Innova, Camry, Fortuner also attract customers in the secondary car market.

In terms of brand, in the list of 15 car models with the most inquiries on the market, Japanese cars account for 10. If we look at each segment, Japanese cars also show dominance. For example, in the B-class sedan, the used Vios has a superior appeal compared to the Hyundai Accent, the C-class sedan is dominated by the Mazda3. Or in the small MPV group, the Mitsubishi Xpander is the most prominent name.

Used Korean cars have an advantage in the low-cost car segment, especially A-size hatchbacks. The two names Hyundai i10 and Kia Morning are almost the products that customers prioritize to search for the most.

Mr. Anh Dung, owner of a used car showroom in Hanoi, said that the Vietnamese mindset when using new cars, especially for popular car models, generally does not place as much emphasis on brand as it did 7-10 years ago. As the market is expanding, there are many options with competitive prices, customers can choose a new car model with a weaker brand but a lower price to experience. After a few years, they change to a higher segment.

"But with used cars, customers often prioritize stability and durability, aspects that are considered to be associated with Japanese cars," said Mr. Dung. "That is why customers' interest in used cars tends to lean toward Japanese cars."

According to used car dealers, Toyota's Vios model has an average depreciation rate of only about 5-7%/year, the lowest in the used car market. This makes it easier for both used car buyers and new car buyers to make decisions than other products.

In terms of liquidity, B-class sedans and A-class hatchbacks, used cars with a selling price of 300-400 million VND, usually take the least time (compared to other models). Liquidity of a used car model is considered good when the selling value of the car is higher and the time to push the goods is shorter.

For a B-size sedan or A-size hatchback, it takes an average of 18 days for a showroom to purchase and then resell to a new owner. The higher the value of the car, the slower the liquidation time. For example, a C-size sedan is 21 days, a C-size high-chassis is 23 days, and a C-size high-chassis is 24 days.

In the list of used car models that users are most interested in, there is no B-class high-chassis car. According to Mr. Dung, B-class CUVs have only emerged in the last 2-3 years. Most of the car users use it for personal needs and often for a long time. Therefore, the supply in the used car market is still low.