Used car market revives, dealers excited

Used car sales have been in a slump since 2023, but now the market is experiencing a resurgence. Used car dealers are excited about the new potential this market brings.

In the past, buying a used car was often fraught with risks. Damaged vehicles, poor quality assurance, and unstable prices were common challenges for consumers. However, efforts to improve quality and after-sales service have made the used car market more attractive.

Market revival

According to a report by the Vietnam Automobile Manufacturers Association (VAMA), by the end of the first quarter of 2024, total car sales in the entire market decreased by 11% compared to 2023. Of which, passenger cars decreased by 14%; commercial vehicles decreased by 3% and specialized vehicles decreased by 28%. It is estimated that there are over 70,000 vehicles in inventory, mainly vehicles manufactured in 2023.

It can be seen that the new car market is quite gloomy at the beginning of the 2024 season. However, used cars are attracting a lot of attention from consumers. This is considered a natural reaction to keeping spending tight during the "uncertain" period. Many customers choose used cars as a way to save money, while still ensuring the necessary convenience and safety.

According to Nextgen Vietnam, searches for car models from Toyota, Honda and Hyundai in May increased significantly compared to April. The most searched used car models are mainly popular, fuel-efficient and reasonably priced.

The used car models that top the list of preferred choices by users are Toyota Vios and Toyota Innova. Nextgen Vietnam said that the number of searches for these two used car models in May was 220,277 and 146,538, respectively.

The demand for a spacious, versatile vehicle that is suitable for many types of terrain is increasing as searches for used models in the MPV and SUV segments have also increased significantly.

Notably, car models from Japan are always the preferred choice of Vietnamese customers thanks to their prestige, inherent durability, low need for repair, practicality and above all, high resale potential.

The revival of the used car market is not only a sign of changing consumer habits, but also a positive sign for the economy. Recycling and reusing surplus assets not only reduces waste but also adds value to used products.

With a vibrant used car market, buyers have more choices, from durable sedans to versatile family cars, available and waiting. This means creating a new opportunity for those who want to own a car without spending a large amount of money.

Car dealers are excited

Used car dealers are experiencing a “boom” period. Not only do used car dealers have better business opportunities, but they can also contribute to building a sustainable future for the auto industry.

Providing high-quality repair services and reasonable warranty policies will help dealers attract more customers, which is a stepping stone to promote the development of the used car market.

Talking to Thuong Gia, used car dealer Speed ​​Car said that in the context of increasing demand for transportation, it is not surprising that the used car market is becoming more vibrant. Compared to the period of 2023, the current store has to find ways to increase supply because customers are looking for used cars a lot, even some models are so hot that they "disappear" as soon as they are imported.

What is special at the moment is that customers do not hesitate to pre-order the car models they love. They wait eagerly for the opportunity to see the car, check the quality and finalize the purchase.

Speed ​​Car’s representative added that some customers now believe that reusing old cars is becoming a “like it, then drive it” trend. This action has promoted interest in old cars, making owning a used car no longer considered “low-class”.

To compete in this industry, used car dealers often apply discount campaigns, choose to buy beautiful cars, low mileage, no errors and have full commitments to customers to create prestige.

The growing market also means that buyers need to be more careful in choosing a car. When choosing to buy a used car, the thing that customers hesitate the most is its price compared to a new car and the quality of the car.

To avoid risks and ensure the purchase of a quality car, buyers need to carefully research the origin, condition and quality of the car they are interested in. Speed ​​Car also shares with users how to evaluate a used car, a used car must first look at the interior and exterior, the engine, chassis and gearbox must be original.

Currently, used car showrooms are gradually shifting the trend of selling through social networking sites such as Facebook, YouTube and TikTok. Many used car stores also regularly livestream their car products and they also say that selling through this channel is very attractive to customers.

After purchasing a used Mercedes Benz GLC 300, a customer said that instead of paying a high price for a "brand new" Mercedes, he could save a significant amount of money. Moreover, buying a used car also comes with an extended warranty package and long-distance support service, which makes this buyer feel more secure.

The owner of the old Mercedes also found the handover process to be smooth and professional, the handover ceremony was similar to buying a new car. In addition, this customer also revealed that the feeling of “surfing the car” made him feel excited and delighted to own and experience many different car models.