Used cars are on the rise, which car brand is currently the most sought after by Vietnamese people?

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What Makes This Car Brand So Beloved by Vietnamese Consumers?

According to a report by the Vietnam Automobile Manufacturers Association (VAMA), the total market sales in April 2024 reached 24,350 vehicles, an 11% decrease compared to March 2024.

The total sales for the first quarter of 2024 dropped by 11% compared to 2023, with passenger cars down by 14%, commercial vehicles down by 3%, and special-purpose vehicles down by 28% compared to 2023. The estimated inventory of cars is over 70,000 units, mostly produced in 2023.

It is evident that the new car market in early 2024 remains quite sluggish. Meanwhile, some customers are now tending to buy used cars to save significant costs, making the used car market quite vibrant.

Toyota Dominates the Top 10 Most Searched Used Cars in May

According to data from Nextgen Vietnam, the most searched used cars are mainly popular, fuel-efficient, and reasonably priced models.

From the above chart, it can be seen that in the used car market, multi-purpose vehicles and high-clearance SUVs are also attracting considerable attention. Among the top 10 most searched used cars in May, three models belong to this segment: Toyota Innova, Honda CR-V, and Mazda CX-5. This reflects a shift in consumer preferences, with an increasing demand for spacious, versatile vehicles suitable for various terrains.

Additionally, price is a key factor when buyers search for used cars. The models in the list are reasonably priced, fitting the budget of most Vietnamese consumers. None of the top 10 most searched used cars are luxury models.

Regarding brands, Japanese cars dominate with 8 out of 10 models in the top 10, with Toyota leading the way. With reliability, durability, safety, and reasonable prices, Toyota Vios continues to top the list of the most searched used cars in May. Two other Toyota models, Innova and Camry, also make the top 10.

Although Honda has fewer products distributed in Vietnam, it has three models in the list: Honda Civic, Honda City, and Honda CR-V.

For the first time, Mazda has two models in the top 10, including Mazda 3 and Mazda CX-5, demonstrating the brand’s success in winning over Vietnamese customers.

Hyundai models like the Grand i10 and Accent have also seen significant growth in search volume, indicating consumer trust in the quality and price of Korean cars.

Why Do Vietnamese Prefer Toyota When Buying Used Cars?

According to statistics from Nextgen Vietnam, Japanese car models, particularly Toyota, consistently have the highest search volume in 2023.

In the top 10 most searched used cars in 2023, Toyota accounts for 40% with four models: Vios, Innova, Fortuner, and Camry.

Vietnamese consumers' preference for Toyota stems from its reliability, durability, practicality, and high resale value.

First, brand reputation plays a crucial role.

According to the People's Newspaper, based on the car brand rankings released by Decision Lab, Toyota was the best car brand in Vietnam in 2023, surpassing many renowned global brands like Mercedes-Benz and BMW. Toyota’s success in the Vietnamese market is partly due to its established brand and quality over time.

Next, durability, practicality, and low maintenance needs are key factors.

When buying used cars, consumers often consider the car’s durability. Toyota cars are known for their high durability. After years of use, components like the engine, transmission, drivetrain, and suspension still perform well with minimal repairs needed.

Toyota's engines, transmissions, drivetrains, and suspensions rarely experience minor failures. The brand pays attention to every small detail that makes up the car’s parts. Additionally, Toyota’s paint quality maintains its durability over time.

Finally, reasonable prices and high resale value.

Most used car buyers look for durable models at reasonable prices. Used Toyota cars are typically priced suitably for the needs and financial capabilities of most Vietnamese consumers.

Toyota is a brand known for retaining value well. Toyota models rarely face significant price drops when resold, providing peace of mind to customers during ownership.

Moreover, according to experienced car sales staff, Japanese cars have much higher liquidity compared to Korean or American models.

Original article and picture by AutoPro