Used and new car market sees rising demand as Tết approaches

January 25, 2022 - 08:03

Used and new car market sees rising demand as Tet approaches


A car dealership in Pham Hung street has seen demand for used and new strongly increase as Tết draws near --

HÀ NỘI — With one week until the Lunar New Year Festival (Tết), which falls on February 1 this year, it is the 'hottest' time of the year for the domestic auto market.

Clients are rushing to buy used and new cars, leading to a shortage in the market, according to car dealerships in Hà Nội.

"These days it is hard to buy a used car at a reasonable price because of high demand as Tết comes near," said Nguyễn Thạch Thắng, a car dealer in Lê Văn Lương street.

According to car dealers in Hà Nội, it is quite different from a few months ago. The price of a used car could be a few million to 10 million đồng higher than usual.

Expensive cars with prices ranging from VNĐ500 million (US$21,000) to a few billion are still available, but cars with prices below VNĐ500 million have become rare.

Nguyễn Thành Vinh, a car dealer in Nguyễn Văn Cừ Street, said that this demand for used cars was very high, especially those with prices ranging between VNĐ200-300 million.

The most sought-after used cars are mainly Japanese and Korean, such as the Toyota Vios, Yaris, Corolla Altis; Kia Forte, Kia Morning, Hyundai Grand i10, Getz, Honda City or Daewoo Lacetti CDX.

Dương Ngọc Duy, a customer seeking a used car for about VNĐ300 million, said he had visited many used car dealerships and e-commerce sites to find a reasonable one but he had not had any luck.

Duy has just received a Tết bonus.

“I would like to purchase an automatic sedan car like Kia ​​K3 or Mazda 3 but it is hard to find a suitable one. Some showrooms have them but they offer them at a high price," he said.

Đinh Thanh Bình ordered a new car one month ago but has to wait for delivery until after Tết. The only way to get guaranteed delivery before Tết is to buy from someone who registered earlier.

Thạch Thắng, a car dealer said a car dealership could only get around 15-20 units per month but demand was two or three times that currently.

Car dealerships attribute the rising demand for used and new cars to long vacations during the Tết holiday. In addition, the development of the pandemic remains complicated resulting in limited public transport and taxis, so demand for private cars to travel during Tết is higher than usual.

However, car experts have warned that buyers should be careful when buying used cars to avoid purchasing smuggled ones. Users are also recommended to find qualified car dealerships or ask those who can tell if a vehicle is in good condition or not.

The price of the most sought-after new cars has suddenly increased by VNĐ5 million to VNĐ20 million per unit. This has been attributed to the difficulties in importing accessories for domestic car assembly as a result of the pandemic. — VNS