After the announcement of Decree No. 12/CP Decree, many domestic businesses have scoured for second-hand cars from abroad, causing a fever in foreign used automobile markets. According to the current Vietnamese Laws, imported used cars have to be produced in or after 2001 accompanied by appropriate statistics on the environmental standards and the regulated mileage. In addition, Vietnamese have to get approval from the Traffic Police if they want to modify their cars. Foreign markets are hotter with Vietnamese demand Therefore, the buyers have bought low-priced used autos and have them modified in foreign smash repair shops, which have been started in Seoul, Republic of Korea at present to meet with the increasing demand of customers, mainly from Vietnam. Used cars will be face-lifted by changing tires, repainting, changing chassis and engine numbers and fixing the engines. They will then be brought to Viet Nam as "2001 model" or newer. Talking about the quality, an overseas … [Read more...] about Foreign Used Cars Hunted by Vietnamese
Vietnam used cars
Old car market is in sight of thousands of people sell without any buyers. Number of vehicles filled up the store not knowing what to do, which leads to trading companies faced with difficulties and heavy losses. As early as this year until now, number of customers looking to buy old cars decreased, while the sellers were increasing and the trading companies were losing money heavily - General Director of JSC Vietnam Automobile Anycar specializing in old cars, Mr. Ha Minh Tuan said. The buyers looking for old cars from after Lunar New Year so far were thinned. There are some customers who want to buy the old cars priced from 14,000 - 24,000 USD, but those with greater value from 34,000 USD or more in recent months were very rare. Estimated number of visitors dropped by 50%, he said. Meanwhile customers came his store to sell their old cars increased strongly. Supply of used car was difficult to exploit previously, but now is abundant, only regret that it's has no buyer... … [Read more...] about Vietnam’s used car market – Sell more, no one buy?
Used car business in trouble Auto industry faces multiple challenges By Quoc Hung and Thoa Nguyen - The Saigon Times Daily A passerby walks past a used car showroom on An Duong Vuong Street, while a showroom attendant sits idly nearby waiting for customers - Photo: Kinh Luan HCMC/HANOI – The economic woes coupled with hiccups in polices on taxes and fees not only impact traders of new autos but also hit secondhand car dealers. Old car buyers can enjoy cheaper prices and avoid the high registration fees, currently at 15% in HCMC and 20% in Hanoi. However, multiple used car outlets in HCMC are now burdened with high volumes of unsold products, which choke off the capital flow and bring huge losses to businesses. Tran Duy Phu, director of An Phu Gia Import-Export Trading Co., owner of An Phu Gia Auto Store, said his company used to sell an average 30 vehicles each month, but now the sales volume has dropped to three. As such, he has cut the number of sales agents from five to … [Read more...] about Used car business in trouble
In anticipation of high market demand, auto manufacturers and traders have been vying each other to open used car dealerships which offer better customer services than before. These dealerships are aware that newly licensed drivers tend to buy old cars as they are afraid of having accidents with their new cars, paying a high price for a brand new car or servicing a loan with a high interest rate. Automakers consider secondhand-car business a chance of selling new cars as there are many car owners wishing to exchange for brand new models but they do not know how much their own cars cost. Toyota Motor Vietnam (TMV) will expand its used car business with a series of used car outlets to be established at its dealerships nationwide after the opening in mid-2010 of the Used Car Center at Toyota East Saigon Joint Stock Company. Nguyen Khoa, director of the used car center, expressed optimism about the future growth of the secondhand car market, especially at a time when new vehicle … [Read more...] about Used car dealerships mushroom to meet demand
Used car business seen picking up By Quoc Hung - The Saigon Times Daily Guests inspect a used Mercedes car. Seeing high market demand, auto manufacturers and traders have opened more used car dealers hips - Photo: Quoc Hung HCMC – Auto manufacturers and traders have opened more used car dealerships in anticipation of high market demand. The used car market is characterized by haphazard development with buyers often placed in a disadvantageous position due to lack of guarantees and warranty. So several companies have entered this market segment in a more professional way by offering vehicle inspection and after-sale services. Used car dealerships are aware that newly licensed drivers tend to buy old cars as they are afraid of owning new cars due to potential crashes, paying a high price for a brand new car or servicing a loan with a high interest rate. Automakers consider secondhand-car business a chance of selling new cars as there are many car owners wishing to exchange for … [Read more...] about Used car business seen picking up