Automobile traders are suffering tough times due to a slide in prices and sales, though the used-car market has been vibrant even during the seventh lunar month called Thang Co hon. (Photo: VNA) Hanoi (VNA) – Automobile traders are suffering tough times due to aslide in prices and sales, though the used-car market has been vibrant even duringthe seventh lunar month called Thang Co hon (Month of lonely spirits), morethan 30 units sold per day.
Despite promotions and discounts, new car sales in the first eight months ofthe year dipped six percent year-on-year to 177,000 units, according to theVietnam Automobile Manufacturers’ Association.
Second-hand cars, from low-cost like Kia Mornings and Huyndai Grand i10s topricey Land Rovers, Lexuses and Audis, have been for sale at showrooms on DuongDinh Nghe, Nguyen Chanh, Pham Hung, Le Van Luong and Nguyen Van Cu streets inHanoi.
Used car traders also slashed prices in the context of lower import prices for completely-built-up(CBU) cars. Whilst automakers like Honda, Thaco and Huyndai slashed millions ofVND off their best sellers, used car dealers cut 10-15 percent from theirproducts.
Although the ASEAN Free Trade Agreement taking effect at the beginning of 2018will benefit automakers as tariffs on CBU cars imported from ASEAN nations willfall to zero, second-hand car traders are not worried. They said the Governmentstill uses measures to limit vehicle sales and increases in taxes on new carsremain a possibility.-VNA
VNA
