Strange story at the end of 2017: Car prices increase, brokers demand 200 million difference

At the end of the year, many imported car models are out of stock, and prices are skyrocketing. Even used cars of the same type are priced higher than the new car prices listed at dealerships. If you want to buy a car for Tet, you have to pay hundreds of millions of dong more.

Out of stock, price hike

Many customers are hunting for a Toyota Fortuner to celebrate Tet, a sales staff at a Toyota VN dealership in Hanoi revealed. The number of customers looking to buy this model since the beginning of December is quite large, but there are no cars for sale. Fortuner is an imported car, and cannot be imported at this time due to regulations in Decree 116/2017 ND-CP of the Government requiring businesses to provide a copy of the quality certificate of imported automobile types, issued by a competent foreign agency or organization.

To date, the Decree has not yet provided specific guidance, businesses have not yet been able to obtain this certificate, nor is it clear what kind of certificate is accepted. Therefore, importing cars is very risky, if not accepted by Vietnamese agencies, the shipment will have to be re-exported. Therefore, they have decided to cancel the order and wait.

That is why the supply is getting scarcer towards the end of the year. When going to Toyota dealers to buy a Fortuner at this time, the sales staff only shake their heads. If you want to buy a new car, the only way is to buy it back from someone who has registered to buy a car, has a car but has not received it yet.

The Fortuner model is both out of stock and nearly 200 million more expensive if purchased at this time.

The price of a new 2.7L, 2WD car, at this time, is the original price of 1.308 billion VND plus 180 million VND more. This is the imported car model with the highest price currently on the market, due to the reason of scarce supply.

Not only new cars but also used cars are being pushed up in price. A Fortuner 2.7L, 2WD registered with Hanoi license plate in mid-2017, with 4,000km on the clock, is being asked for 1.46 billion VND by a used car dealership, nearly 160 million VND higher than the new car price listed by dealers.

The shop owner said that this car was only lightly used, everything was still shiny, and there was no second one. Buying it and transferring the ownership, the total cost was about 1.5 billion VND, while buying a new car, including registration, would cost more than 1.7 billion VND, and we couldn't make any money.

Not only Toyota Fortuner, 2 other Ford Vietnam models, Explorer and Everest 2.2L Titanium, are also being sought by many customers to celebrate Tet.

That is why the supply is getting scarcer towards the end of the year. Going to Toyota dealers to ask to buy a Fortuner at this time only gets a shake of the head from the sales staff. If you want to buy a new car, the only way is to buy it back from someone who has registered to buy the car, has the car but has not received it yet. The price of a new 2.7L, 2WD car, at this time, is the original price of 1.308 billion VND plus 180 million VND more. This is the imported car model with the highest price currently on the market, due to the reason of scarce supply.

Not only new cars but also used cars are being pushed up in price. A Fortuner 2.7L, 2WD registered with Hanoi license plate in mid-2017, with 4,000km on the clock, is being asked for 1.46 billion VND by a used car dealership, nearly 160 million VND higher than the new car price listed by dealers.

The shop owner said that this car was only lightly used, everything was still shiny, and there was no second one. Buying it and transferring the ownership, the total cost was about 1.5 billion VND, while buying a new car, including registration, would cost more than 1.7 billion VND, and we couldn't make any money.

Not only Toyota Fortuner, 2 other Ford Vietnam models, Explorer and Everest 2.2L Titanium, are also being sought by many customers to celebrate Tet.

Similarly, scarcity also occurs with the Ford Explorer model.

However, as they are also imported cars, the above two models cannot be imported to Vietnam at this time. The rarity of the cars also pushes up the price. To find a new Explorer, in addition to the original price, you have to add about 70 million VND. Of which, you must buy a car body insurance package of about 30 million VND and 40 million VND for the accessory set.

In the outside market, the price of this used car has also been pushed up. A store just sold an Explorer registered in early 2017, running nearly 10,000km for 2.1 billion VND, almost equal to the price of a new car. Although the price has been pushed up, the supply is very limited, many people want to buy but so far have not been able to buy.

The same goes for the Everest 2.2L Titanium. “There are no new cars on the market, only used cars,” said the owner of a used car dealership on Pham Hung Cau Giay, Hanoi. The current market price for this car (registered in 2017, with nearly 10,000km on the clock) is 1.27 billion VND, as expensive as the listed price of new cars at dealerships.

In addition, some pickup models such as Ford Ranger, Chevrolet Colorado, Toyota Hilux were also pushed up by 20-30 million VND compared to the announced price, but there are still new cars to sell to customers.

Imported cars wait 6 months?

In a notice sent to dealers in early December, Toyota Vietnam said that due to the impact of Decree 116/2017ND-CP on car import activities, the company had to cancel plans for all imported cars in December 2017. The plan to introduce the two Fortuner and Wigo models in January 2018 will be postponed. The car import plan in January 2018 is being discussed with relevant parties and will be announced later.

In fact, if you want to buy a Fortuner at the exact price of 1.308 billion VND at the dealership, you can sign the contract now, but will receive the car in mid-2018. The time is uncertain and prolonged, so no customer intends to wait.

On December 1, 2017, Ford Vietnam sent a dispatch to dealers, announcing the cancellation of orders for two imported models, Ranger and Explorer, in January and February 2018, due to the impact of Decree 116 of the Government on automobile business conditions. Dealers are requested to only sign contracts with customers when there is supply from Ford Vietnam.

Buying cars for Tet, consumers are paying high prices for some imported car models.

The same goes for Ford models, when asked, dealers said that clear information would not be available until February 2018. Car dealers said that normally, from the time of placing an order with a supplier in Vietnam until the car is delivered, it takes about 3-4 months for cars imported from the ASEAN region and about 5 months for cars from non-ASEAN countries.

Therefore, if imported again in March next year, it may take until mid-year to have cars for sale. The trend of imported cars being scarce in the coming time is inevitable.

However, not all imported cars are scarce and prices are increasing. Volkswagen Vietnam recently announced a price reduction and committed to delivering cars to customers before Tet. Prices of Volkswagen Vietnam models are being reduced from 30 million VND to 120 million VND, applied from December 2017 until stocks last.

According to VNN