Car buyers benefit as market faces oversupply

The automobile market in early 2025 is witnessing a major shift as automakers and dealerships slash prices on 2024 models to clear excess inventory. This presents a prime opportunity for buyers looking to purchase vehicles at lower prices.

Oversupply Driving Discounts

An oversupply of over 110,000 vehicles from 2024 has led to significant price reductions. To boost sales, manufacturers are offering cash rebates, lower financing rates, and extended warranties to make purchases more attractive.

Massive Price Cuts Across Brands

Many automakers in Vietnam have launched aggressive promotional campaigns:

• Honda is offering 50-100% registration fee waivers on various models, with the Honda Accord receiving a VNĐ50 million discount.
• Hyundai Thanh Cong Vietnam has cut prices on 2024 models by up to VNĐ75 million (around US$3,000).
• Ford Vietnam has lowered Ranger prices by VNĐ10-47 million and offers a 50% registration fee reduction (VNĐ66 million or US$2,591) on the Ford Everest Ambiente.
• Mitsubishi Vietnam is providing a VNĐ72 million discount (US$2,800) on the Mitsubishi Outlander, along with 50% off registration fees for the Attrage.

Potential Downsides to Consider

However, industry experts caution that previous-year models may depreciate faster, with potential resale losses of VNĐ15-30 million. Additionally, vehicles left in storage for extended periods may develop battery, tire, or brake system issues, requiring extra attention before purchase.

For those looking to maximize savings on a new car, the current promotions on 2024 models offer one of the best opportunities in recent years.