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

In the past year or so, used car prices for 2021 and 2022 models have been on a downward trend. Class C cars have seen the sharpest decline. Meanwhile, Class A and Class B models have also seen a decrease, 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 the remaining 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 companies 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 began to bustle again. Hot car models were chosen by many buyers, the imported showrooms could not sell enough, 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 pay great attention to car models priced from 450 to 700 million VND, especially high-chassis, multi-purpose models. High demand and increased purchasing power create momentum for urban high-chassis car prices to increase more strongly than other car groups.