Since the beginning of Q3 2025, numerous car brands have been offering significant discounts on their products, with some models seeing price cuts of up to 20%. This has resulted in a corresponding drop in the value of used cars.
According to reporters, while used cars that were one to two years old typically experienced a depreciation of 10-15%, that figure has now climbed to 20-30%, depending on the model. For instance, a 2023 sedan in the B-segment that could have been resold for approximately 500 million VND at the end of last year would now fetch a little over 400 million VND, and even then, finding a buyer would be challenging. This is because a comparable brand-new car in the market is only priced at around 450 million VND, a marginal difference from the used car, and it comes with an official warranty. “We’re selling some models at a loss of 30-50 million VND per car to recoup our investment, and there are models where we have to accept a loss of nearly 100 million VND to find a buyer. This is probably the toughest time we’ve faced in the over ten years we’ve been in the used car business,” said Tran Hoang Tien, owner of a used car dealership in An Dong Ward, Ho Chi Minh City.
The used car market is devoid of customers despite attractive pricing.
Ta Cong Tien, owner of the Cho Xe Kieu My system in Ho Chi Minh City, opined that the used car market has hit rock bottom and shows no signs of recovery. In fact, numerous used car showrooms have already shut down due to their inability to stay afloat, and it is anticipated that many more used car dealerships will be returning their leased spaces as their contracts expire.
The market’s new developments have left many private car owners unable to resell their used cars or forced to accept substantial losses, sometimes not even enough to cover their bank loan repayments. Le Tien Thanh, a resident of Thanh My Tay Ward in Ho Chi Minh City, calculated that his late-2023 C-segment SUV, which was previously valued at nearly 900 million VND, would now only fetch over 700 million VND, as the carmaker has slashed the price of the new model by nearly 150 million VND.
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