Reduced purchasing power leads to a cooling down of motorcycle prices after Tet.
A series of motorcycle models on the market are being offered at reduced prices by dealerships to stimulate demand, amidst a declining trend in consumer demand for motorcycles after the 2018 Lunar New Year.
Motorcycle dealerships are experiencing a decline in customers as demand for motorcycles drops after the Lunar New Year holiday.
The situation of motorcycle shortages and inflated prices seen before the Lunar New Year is no longer present. Demand for motorcycles has dropped sharply in the last two weeks, resulting in a subdued atmosphere at motorcycle dealerships. Sales have plummeted, and some popular models have seen significant price reductions by dealerships, ranging from 300,000 VND to nearly 4 million VND.
Drought... after a rain shower
In contrast to the bustling shopping atmosphere leading up to the 2018 Lunar New Year, the number of customers buying motorcycles at dealerships in Ho Chi Minh City has been steadily decreasing in recent days.
Demand for cars has dropped sharply after the Lunar New Year, and some models are no longer in short supply as before. |
At an authorized Honda dealership (HEAD) on Nguyen Tat Thanh Street, District 4, Ho Chi Minh City, despite the constant stream of customers, the owner stated: “Most customers bring their vehicles in for service and maintenance, and while waiting, they stop by to look at cars to pass the time, rather than actually intending to buy one. Compared to the period before Tet (Lunar New Year), the market tends to decline sharply in the months following the holiday.”
According to several motorcycle shop owners in District 5, Ho Chi Minh City, the market changes in stages depending on consumer demand. The peak season is about two months before Tet (Lunar New Year), when working people receive their year-end bonuses and often need to buy motorcycles for transportation during the holiday. This is also the time when manufacturers usually launch new models or improved versions to increase sales. However, in the months after Tet, the market tends to slow down and usually lasts until July. Therefore, sales of dealerships often decline immediately after Tet.
The actual selling price of the Honda Air Blade has decreased slightly but is still higher than the listed price. |
Mr. HTD, a sales employee at a Yamaha dealership on Nguyen Tri Phuong Street, District 5, said: “Before Tet (Lunar New Year), the dealership sold about 8-10 bikes a day, but currently we only sell 2-5 bikes per day. The best-selling models are mainly the Exciter manual transmission bikes, Janus scooters, and NVX 125/155.”
Slow sales are also occurring at some Honda and Suzuki motorcycle dealerships in Ho Chi Minh City after the peak season has passed. Demand for motorcycles is gradually decreasing, and the market is almost frozen, forcing dealerships to lower prices and implement promotional programs to stimulate demand.
Car prices are "cooling down".
According to a survey by Thanh Nien newspaper reporters, the selling prices of some Honda and Yamaha scooter and motorcycle models are currently in a declining phase after reaching their peak before Tet (Lunar New Year).
The Honda SH 150i ABS/CBS is currently priced at dealerships from 100 to 112 million VND. |
The Honda SH 125i/150i models, which were in short supply before Tet (Lunar New Year) and dubbed the "king of price gouging" in the premium scooter market, have seen price reductions by dealerships since the beginning of March 2018. The current prices of the SH 150i ABS/CBS versions have been reduced by 1-4 million VND compared to the period before Tet.
Other models such as the Honda Air Blade and SH mode also saw slight price reductions of 150,000 to 1.5 million VND at Honda dealerships in Binh Thanh District, District 5, etc. The Air Blade 10th Anniversary Edition is being sold by dealerships for 49 million VND (including VAT), a 1 million VND reduction compared to before Tet. Meanwhile, scooter models like the Honda Vision and Lead, and popular motorcycles like the Wave Alpha 110, Blade, and Future, maintain their original prices but dealerships are offering promotions and gifts to customers.
Specifically, the Honda Winner manual motorcycle model continues to be distributed at prices ranging from 38.5 to 39 million VND for the sports version, and from 40 to 40.5 million VND for the premium version. This price is 6 to 7 million VND lower than the manufacturer's listed price.
All versions of the Yamaha Exciter motorcycle model are being offered with a 500,000 VND discount by dealerships. |
Meanwhile, most current Yamaha scooter models, such as the Janus and Grande, are being discounted by around 500,000 VND by dealerships compared to before Tet (Lunar New Year). At the Yamaha QP dealership on Nguyen Tri Phuong Street, the Janus models are priced from 31.3 to 34.8 million VND, including registration and license plates. A salesperson there said: "This price is 500,000 VND lower than before Tet; if registration is not included, the price will be the manufacturer's listed price." Similarly, compared to before Tet, the actual selling price of the Yamaha Exciter motorcycle has also been reduced by 500,000 VND by dealerships.
Currently, some popular models like the Honda SH, Air Blade, and Yamaha Exciter are no longer in short supply as the peak season has passed and factory production has stabilized for dealerships. In the current sluggish market, the downward trend in motorcycle prices is expected to continue in the near future, presenting an opportunity for customers looking to upgrade their models or purchase a new motorcycle for daily commuting.
