Demand increases, prices of used cars from 2021 and 2022 show signs of increasing

In the past year, the price of used cars from 2021 and 2022 has tended to decrease. Class C cars have decreased the most. Meanwhile, class A and class B cars have also decreased but not significantly.

However, from the first quarter of 2024, used car prices began to reverse, increasing slightly compared to the fourth quarter of 2023. Although there have been signs of an increase, the prices of used cars from 2021 and 2022 are still lower than the prices set in the first quarter of 2023.

In the first quarter of 2024, the prices of used B-class SUVs and C-class sedans increased faster than other car lines. In particular, used B-class SUV models increased in price early.

From the end of 2023 and the beginning of 2024, people's demand for cars (both new and used) will slow down. The evidence is that the sales of car manufacturers as well as used car garages plummeted in January and February 2024.

The market is down, many car companies continuously reduce prices, causing used car garages to struggle, forcing them to sell at a loss to clear inventory, prevent car prices from falling further and recover the capital they have invested.

However, after the Lunar New Year, the used car market started to bustle again. Hot car models were chosen by many buyers, the imported showrooms were not enough to sell, many customers who wanted to buy had to order in advance. The excitement of the market is the reason why the price of used cars from 2021 and 2022 started to "heat up" again.

Used car buyers today are paying great attention to car models priced from 450 to 700 million VND, especially high-chassis, multi-purpose models. High demand and increased purchasing power have created momentum for urban high-chassis car prices to increase more strongly than other car groups.