Market down, car prices continue to decrease in October

The popular Kia Morning car line has been reduced by another 5 million VND, this is the second price reduction since July. In addition, most car manufacturers have discounted products.

The car price reduction storm in Vietnam shows no signs of stopping. In recent months, the market has been continuously receiving news of price reductions for all car models from all manufacturers. Expensive cars are discounted, cheap cars are discounted, making buyers feel like they are caught in a maze.

In October, Kia announced price reductions for the three Morning, Sorento and Cerato models, ranging from 5 to 26 million VND depending on the model. Specifically, Kia Morning reduced 5 million VND for all versions, with a starting price of 305 million VND. In the A-class segment, Kia Morning currently has the lowest starting price.

Kia Morning has new selling price from 305 to 392 million VND. Photo: Kia Vietnam

Meanwhile, the Kia Cerato C-class sedan also applies a new selling price, 10 million lower than before. The October prices of Cerato 1.6 MT, Cerato 1.6 AT, Cerato 2.0 AT are 553 million, 613 million and 671 million VND respectively.

Finally, Sorento is discounted up to 26 million VND. This car line has 5 different versions, current prices range from 798 to 950 million VND.

Notably, Kia's Morning and Cerato models are both popular in Vietnam. Sales of these two models are often better than their competitors in the segment. This is the second price reduction since July for both Morning and Cerato, with the ultimate goal of helping Kia achieve its target of selling more than 22,000 cars in 2017. By the end of September, Kia had sold more than 16,000 cars.

Toyota Fortuner is currently discounted by 30 - 35 million compared to the listed price. Photo: Toyota Vietnam

Meanwhile, Toyota Vietnam is still applying the registration fee support program for two popular car models Vios and Innova, respectively 30 million and 15 million VND. But in reality, the selling price at the dealer of Toyota car models is lower than the listed price from the company.

The Vios line is currently discounted by about 60 million VND compared to the listed price. The new Corolla Altis is also being sold 30 to 35 million VND lower than the suggested price, depending on the version. This is something that rarely happens with Toyota Vietnam's car lines. However, in the current slow market context, even popular car lines are falling into a price reduction storm. Fortuner, which is often in the top of the best-selling cars in Vietnam, is currently also being sold about 30 million VND lower than the suggested price. To achieve sales equal to last year, Toyota's final months of the year must be truly extraordinary. By the end of September, sales of the Japanese joint venture reached more than 43,000 vehicles, while Toyota sold a total of 57,036 vehicles in 2016.

Nissan X-Trail price reduction continuously month after month.

According to a Toyota sales staff, such continuous price reductions on car models have never happened in the past few years. Meanwhile, a Toyota Vios user advised those who intend to buy a car to wait until 2018 because the car price may stabilize then, and if you really need a car, buying a car at this time is also a very good price.

Looking at car brands with lower market shares, the price reduction has also been going on for many months now. Honda models sold at dealerships are all priced lower than the listed price from the company, at least a few million VND, at most up to tens or even hundreds of millions of VND as in the case of the CR-V and Odyssey models.

Nissan has a promotion program with the highest cash gift of up to 70 million VND for the X-Trail model. Meanwhile, all other products of this car company are discounted, the lowest is 5 million VND.

Vietnam's auto market reached its highest monthly sales of 26,872 vehicles. Sales in September fell 20% compared to the same period last year.

Most car segments in Vietnam have discount promotions. The Chevrolet Colorado pickup truck is shocking with discounts from 30 to 80 million VND. In addition, other Chevrolet products are also discounted such as Aveo with a 40 million VND discount, Cruze with a 70 million VND discount, Orlando with a 15 million VND discount, or Captiva Revv with a 44 million VND discount.

Despite the continuous price reduction policy in recent months, the Vietnamese automobile market has not shown many signs of improvement. Total market sales reached 21,216 vehicles in September, down 4% compared to August and 20% compared to the same period last year.

According to Zing