Used Car Market Hits Rock Bottom
Since the beginning of 2025, the Vietnamese automotive market has witnessed a wave of significant price reductions from new car manufacturers, with an average decrease of 20% compared to the same period last year. This has considerably narrowed the price gap between new and used cars, prompting consumers to prioritize purchasing new vehicles with better deals, warranties, and after-sales services.
The high inventory and sluggish transactions have forced many dealers to take losses and offer discounts ranging from 50 to 100 million VND on popular models such as the Toyota Fortuner, Honda CR-V, and Ford Ranger to release capital. Industry experts predict that the used car market will continue to face challenges if new car manufacturers maintain their large incentive policies.
For instance, Toyota has been offering discounts on multiple car lines almost every month since the beginning of 2025.
Used car showrooms have recorded a significant drop in customers, especially in the mid-range and premium segments.
According to an article on Vietnamnet, a representative of an online used car trading platform stated that both the number of listings and the demand for cars in the first months of 2025 decreased by about 20%, indicating that the market is truly struggling. Even the “run-and-drive” lines, which used to be very popular, are now in a “frozen” state.
Mr. Doan Anh Dung, a representative of a car showroom, analyzed: “Deep discounts on new cars have caused rapid depreciation of used cars. A car that is 2-3 years old can now lose up to 25-30% of its original value. But many car owners still hope to sell at a high price and are unwilling to take a loss. This leads to a hesitancy to sell at this time, resulting in a lack of transactions in the market.”
An employee of a dealership on Le Trong Tan Street (Ha Dong) responded in an article published in the Tin Tuc newspaper that the number of cars sold in the first quarter of 2025 decreased by 20-30% compared to the same period last year. Many models even had to “cut losses” to recycle capital; otherwise, they would not be able to compete with new cars that are on sale.
Used Hyundai Santa Fe Priced Higher Than New
Amid the gloomy used car market, the old-generation Hyundai Santa Fe diesel SUV has become a phenomenon, highly sought after, and even commanding a higher resale value than its newer counterpart by hundreds of millions of VND. This has created an interesting paradox, leaving many wondering about the unique appeal of this 7-seater SUV.
While most old car models suffer from steep depreciation, the Hyundai Santa Fe diesel goes against the trend. Numerous real-world cases demonstrate that this vehicle holds its value exceptionally well and even commands a premium over the new car’s listed price.
According to information published in an article in Dan Tri newspaper, a 2024 Hyundai Santa Fe diesel premium, with only 3,000 km on the odometer, was offered for sale at 1.35 billion VND. This price is higher than the new car’s list price (1.219 billion VND) and equivalent to or higher than the price of the new Prestige variant before registration (1.265 billion VND).
This model also affirmed its stable value over time. For instance, a 2022 Santa Fe diesel premium with approximately 50,000 km on the odometer still commanded a price of 1.2 billion VND, not much different from the beginning of 2023.
Even a 2021 Hyundai Santa Fe diesel premium with 61,000 km on the clock was advertised for 1.075 billion VND, higher than the new car’s starting price. This demonstrates its superior residual value compared to competitors in the same segment, such as the Ford Everest. The 2023 Santa Fe diesel 2.2 premium models are traded at 1.18-1.2 billion VND, significantly higher than the new car’s standard Exclusive variant.
According to an article on Vnexpress, in Hanoi’s used car market, the 2023 Hyundai Santa Fe diesel premium 2.2L models are traded at around 1.18-1.2 billion VND, depending on the condition of the car. The 2022 models fluctuate around 1.13 billion VND. For older models, the difference is about 40-50 million VND.
On online used car trading platforms, the 2024 Santa Fe diesel premium models are mostly priced from 1.29 billion VND upwards. Compared to the new car’s price when it was still on sale (1.375 billion VND), the depreciation of the used car is about 7%.
When compared to the current new Santa Fe, the standard Exclusive variant is priced at 1.069 billion VND, much lower than the used diesel premium models from 2023 and 2024. Alternatively, the new Prestige variant costs 1.265 billion VND, while the used 2024 model is priced similarly or slightly higher, depending on the seller.
What Makes It So Desirable?
Several factors contribute to the unique appeal and remarkable residual value of the old-generation Hyundai Santa Fe diesel:
Timeless Design
Although it is an older generation model, the Santa Fe diesel still boasts a neutral, well-balanced, and attractive design that is considered timeless and appealing to a wide range of Vietnamese consumers.
Powerful and Fuel-Efficient Diesel Engine
The 2.2L diesel engine is highly regarded for its stable performance, durability, and exceptional fuel efficiency (approximately 5.5l/100km in mixed driving conditions). This is one of its most significant advantages, especially given the volatile fuel prices.
Comprehensive Convenience Features
The old-generation Santa Fe diesel continues to offer a wide range of convenience features, adequately meeting the needs of users and not falling far behind newer models in terms of equipment.
Limited Supply
Hyundai’s decision to discontinue the production of the old-form Santa Fe diesel from the beginning of 2024 has resulted in a scarce supply in the used car market. With high demand and limited supply, the price of these vehicles naturally increases.
Newer Generation’s Limited Appeal
In contrast to the success of the previous generation, the new-generation Hyundai Santa Fe, with its boxy, modern SUV design, has not been as well-received by the market. The new design is considered less appealing to some, and the discontinuation of the favored diesel engine has impacted sales. This further highlights the value of the older diesel models.
The old-generation Hyundai Santa Fe diesel has established itself as a “bargain” in the used car market, not only for its exceptional residual value but also for its perfect blend of design, performance, and economy. It continues to be a favorite among used car enthusiasts.
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