The all-new Hyundai Santa Fe was introduced in Vietnam this September, and it’s causing quite a stir. Aside from its controversial design, the decision to discontinue the diesel engine option has left many disappointed. “Santa Fe is best with a diesel engine, and now it’s gone,” commented one user below an article announcing the new generation’s arrival.
Diesel engines are popular among drivers for their performance and fuel efficiency. Therefore, it’s no surprise that the removal of this option from the Santa Fe lineup has sparked a sense of nostalgia for many. Some are now desperately searching for older diesel-powered models, even opting for much older versions.
The new-generation Hyundai Santa Fe debuts without a diesel engine.
This sentiment is further reflected in the numerous online auto groups, where members are actively seeking to purchase diesel-powered Santa Fe models.
Another interesting development is the emergence of resellers offering “like-new” Hyundai Santa Fe diesel vehicles at prices even higher than the original purchase cost.
For instance, an individual from Bac Giang, Vietnam, advertised a top-of-the-line 2024 Hyundai Santa Fe diesel for the staggering price of 1.35 billion VND (approximately $56,600). According to the seller, the car is still “brand new,” and the manufacturer’s warranty benefits remain intact.
Some resellers are offering nearly-new Hyundai Santa Fe diesel vehicles at prices higher than the original purchase cost (Screenshot from the original article)
This trend is not isolated to a single seller. A car dealership in Hanoi, Vietnam, is offering a 2024 model registered in August with only 5,000 kilometers on the odometer for around 1.3 billion VND. Another seller in Hanoi is advertising a similar vehicle for nearly 1.3 billion VND, claiming that the car has barely been driven, with only 8,000 original kilometers on the odometer.
Meanwhile, the top-of-the-line diesel variant of the previous-generation Santa Fe was priced at 1.219 billion VND when it was still in the company’s distribution list. In contrast, the new-generation Santa Fe is priced between 1.069 and 1.365 billion VND.
The on-road costs of these low-mileage used cars are only slightly lower than the highest-end model of the new generation (Image: Hyundai Santa Fe Vietnam Club)
When it comes to on-road costs, there isn’t a significant difference between new and used Santa Fe vehicles. This is because the Santa Fe, being domestically assembled, benefits from a 50% reduction in registration fees as per government incentives. Even the top-of-the-line Calligraphy Turbo model has an on-road price ranging from 1.4 to 1.5 billion VND, depending on the registration location. In comparison, a used car with similar specifications would cost around 1.37 billion VND in registration fees (assuming a 2% used car registration fee), which isn’t significantly lower than the cost of a brand-new vehicle.
Aside from the “like-new” vehicles, the market also observes a strong resale value for older models. For example, a car dealership in Hanoi is offering a 2023 Hyundai Santa Fe diesel with 14,000 kilometers on the odometer for 1.25 billion VND.
Even the 2022 models are maintaining their resale value, with some sellers asking for prices similar to those seen last year. One seller in Hanoi is offering a top-of-the-line 2022 Hyundai Santa Fe diesel with 28,000 kilometers on the odometer for over 1.1 billion VND. Another seller in Ninh Binh is asking for 1.175 billion VND for a similar vehicle with 30,000 kilometers. Interestingly, some sellers are even asking for prices comparable to those of lower-mileage vehicles, despite their cars having clocked over 50,000 kilometers.
Older models are also commanding high resale prices (Screenshot from the original article)
Vehicles as old as the 2021 model year are also being advertised for prices not far off the mark, with some sellers asking for over 1 billion VND.
The Hyundai Santa Fe created a buzz when it was launched in 2022, with some buyers willing to pay hefty premiums to get their hands on one. However, it now lags behind the Ford Everest in sales. In August 2024, Ford Everest led the segment with 812 units sold, while Santa Fe trailed with 511 units. For the first eight months of 2024, Ford Everest outsold Santa Fe by a margin of two to one, with 6,205 units sold compared to 3,141 units for the Santa Fe.
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