Should You Buy a New or Used Car with VND 500 Million?

The Perks of Buying Used Cars

With the automotive market facing a slump this year, used car dealers are having to adapt to stay afloat. Many are turning to digital marketing and social media platforms to reach a wider audience and are focusing on providing excellent customer service. “We have to diversify our sales strategies, including marketing and advertising on social media and automotive forums. We also prioritize customer care even after the sale is made. Used cars have unique characteristics, and no two cars are alike, so we strive to offer the best vehicles in terms of quality and aesthetics to our clients.” – shared , owner of Le Quang Used Car Garage in Gia Lam, Hanoi.

Smart choices are essential when considering a used car purchase.

According to Mr. Quang, the used car market’s evolution has made it a viable option for those with a limited budget. With a used car, you can get a great deal and ensure the vehicle is still in good condition.

Tu from Hoang Tuan Used Car Showroom in Cau Giay echoes this sentiment and highlights the most significant advantage of buying a used car: the price. Used cars are considerably more affordable than their brand-new counterparts. “Even when you buy a new car, its value depreciates by 10-15% shortly after purchase. Opting for a used car can save you a significant amount of money.” – said Tuan Dai.

Another benefit of choosing a used car is the diverse range of options available. According to experts, with a budget of VND 500 million, buying a new car can be challenging, but this budget is more than sufficient for a used car, offering buyers a more relaxed selection process. “A fixed budget may limit your choices when buying a new car. In contrast, a used car purchase opens up a wider range of options, even allowing you to consider higher-end models. This often leads buyers to opt for used cars in higher segments rather than settling for a new car in the standard range. Additionally, used cars tend to hold their value better. While a car’s value can depreciate by up to 10% annually in the first three years, this rate slows down to around 5% afterward. This makes reselling less costly than with a new car, and it’s one of the primary reasons people choose used cars.” – explained Ngo Tien, a veteran used car dealer.

New Cars Still Have Their Advantages

M, a seasoned automotive consultant at Hyundai Pham Van Dong Showroom, believes that buying a new car with a budget of VND 500 million is a wise and sensible choice for customers. He elaborated: “New cars often come with attractive promotions and offers from dealers and manufacturers, including free insurance, maintenance, and after-sales services for a certain period. These benefits not only save customers money but also provide peace of mind regarding the technical aspects and quality of the vehicle.”

Furthermore, new cars are equipped with modern and advanced technology, from safety and comfort features to driving assistance systems. This not only enhances the driving experience but also ensures the safety of the occupants. Additionally, new cars don’t come with the baggage of a used car, such as accident history, improper maintenance, or wear and tear from previous owners, thus avoiding unexpected risks and additional repair costs.

With a budget of VND 500 million, customers can opt for new cars from brands like Hyundai, with models such as the Hyundai I10, Hyundai Accent, and Hyundai Venue, or consider alternatives like the Mazda2 and Toyota Vios.

A budget of VND 500 million still offers a selection of new car models to choose from.

Smart Choices are Essential

A budget of around VND 500 million requires consumers to be prudent and well-informed. While buying a new car with this budget doesn’t require as much consideration, as one only needs to choose based on price, preferences, and intended use, it is important to note that VND 500 million is at the lower end of the price range for a new car. Therefore, buyers are typically limited to entry-level models.

When it comes to used cars, VND 500 million opens up a wider range of options across different segments. However, buyers need to be vigilant and consider various criteria. Firstly, it is advisable to opt for a used car that is less than six years old, as older vehicles may have higher maintenance costs and lower residual value. Additionally, buyers should research the make and model of the car, its history, and how it was maintained by previous owners. Some brands, like Toyota, Honda, and Mitsubishi, are renowned for their durability and reliability, especially when properly cared for and maintained.

“When buying a used car, it’s best to have a good understanding of vehicles or seek help from a trusted source. It’s also recommended to purchase from reputable dealerships that provide written guarantees of the car’s quality,” advised an automotive expert.