The market is sluggish, and many motorcycle models are seeing drastic price reductions.

Similar to the automotive market, the Vietnamese motorcycle market is facing many new challenges in 2024. After a sales slump in 2023, the gloomy period for the motorcycle market is at risk of continuing as purchasing power is sharply declining after the Lunar New Year holiday in 2024.

Minh, a sales consultant at a motorcycle shop in Cau Giay ( Hanoi ), said: “The market after Tet is very sluggish. Only a few customers come to look at motorcycles each day, and some days there are no customers at all. However, this is a common pattern every year because people's demand for motorcycles was concentrated before Tet. After Tet, most people focus on settling into their jobs, so few are interested in buying a new motorcycle.”

With declining consumer demand and abundant vehicle supply, dealerships are aggressively lowering prices on a range of models to attract buyers, boost sales, and clear inventory. Notably, even popular models like the Honda Vision, SH, and LEAD are joining the price war, with many being offered by dealerships at prices tens of millions of dong lower than the manufacturer's list price.

"It's safe to say that now is the most attractive time for motorcycle prices for those planning to buy a new one," Minh said.

According to our reporter's survey, the standard version of the Honda Vision is currently priced at 30 million VND, slightly higher by 100,000 VND compared to the beginning of January 2024, but still more than 1 million VND below the suggested retail price. The premium, special, and sport versions are priced at 33 million VND, 35 million VND, and 37 million VND respectively. The classic version of the Honda Vision has seen a slight increase of a few hundred thousand VND to 37.5 million VND.

The motorcycle market is very sluggish after Tet (Lunar New Year), with dealerships selling the Vision model below the suggested retail price.

Similarly, at some dealerships, the Honda SH scooter model is currently offered at very attractive prices, with almost all versions of the SH reaching close to the suggested retail price. Accordingly, the standard version of the Honda SH 125i is being offered by dealerships at 75 million VND. The premium, special, and sport versions of the Honda SH 125i are priced at 84 million VND, 85 million VND, and 85.5 million VND respectively. The premium and special versions of the Honda SH 160i are currently priced at 103 million and 104 million VND.

In particular, the standard SH 160i and SH 350i both saw significant price reductions below the manufacturer's suggested retail price. The standard SH 160i is priced at 92 million VND (490,000 VND lower than the suggested price) and the sporty SH 350i ABS is priced at 128 million VND (24.5 million VND lower).

The SH Mode, which at one point was sold at a markup of over 10 million VND, now only has a markup of 360,000 VND to 1.2 million VND, and some dealerships even sell it at the suggested retail price. Currently, the standard SH Mode is priced at 57.5 million VND, while the premium, special, and sport versions are priced at 63 million VND, 64.5 million VND, and 65 million VND respectively.

Like many other Honda models, the mid-range Air Blade scooter is also being offered at discounted prices by many dealerships. Accordingly, the standard version of the 2023 Air Blade 160 ABS is priced at 56 million VND. The special and standard versions of the 2023 Honda Air Blade 125 CBS are priced at 41.5 million VND and 40.5 million VND respectively (1.6 million VND below the highest suggested retail price). The special edition of the 2023 Air Blade 160 ABS is priced 3.11 million VND higher than the manufacturer's suggested retail price, at 61 million VND.

Currently, the standard, premium, and special editions of the Honda LEAD are priced at approximately 38-39 million VND, 40.5-41 million VND, and 41-42 million VND respectively (depending on the region). Compared to the suggested retail price, the price of the Honda LEAD in February is lower by 550,000 to nearly 1.8 million VND.

Meanwhile, the Honda Winner X has seen a price reduction of 3-5 million VND (compared to the period before Tet), bringing the common selling price at dealerships down to around 35-38 million VND. In some exceptional cases, it's even being sold for as low as 32 million VND.

For scooters, the Honda Vario 160 model has seen a price reduction of 3-4 million VND. The Honda PCX 160 model, imported from Indonesia, has also been reduced by 2-3 million VND (applicable to the 2023 model year).

Meanwhile, the Yamaha Exciter 155 is also enjoying discounts of up to 5 million VND at dealerships. Yamaha Grande, Janus, Latte, Freego, etc., are also discounted by an average of about 2 million VND.

The Suzuki Raider and Suzuki Satria, which compete directly with the two aforementioned models, are also seeing price reductions ranging from a few hundred thousand to several million dong depending on the region, intensifying the competition in the manual transmission motorcycle segment.

According to a report from the Vietnam Motorcycle Manufacturers Association (VAMM), motorcycle sales in the fourth quarter of 2023 (from October 2023 to the end of December 2023) totaled 681,963 units, an increase of 11.68% compared to the previous quarter but a decrease of 18.03% compared to the same period in 2022. Total sales for 2023 are projected at 2,516,212 units, a decrease of 16.21% compared to 2022. This is also almost the lowest level in the last six years, even lower than the two years of the Covid-19 pandemic, 2019 and 2020.

Source: https://congthuong.vn/thi-truong-am-dam-nhieu-mau-xe-may-giam-soc-306504.html