Similar to automobiles, the Vietnamese motorbike market is facing many new challenges in 2024. After a decline in sales in 2023, the gloomy days of the motorbike market are at risk of continuing as purchasing power is falling sharply after the 2024 Lunar New Year holiday.
Mr. Minh, a sales consultant at a motorbike shop in Cau Giay (Hanoi), said: “The market after Tet is very gloomy, every day only a few customers come to see the motorbikes, sometimes even no customers at all. However, this is also a common rule every year because people's demand for motorbikes is concentrated in the period before Tet. After Tet, most people focus on stabilizing their jobs, so few people are interested in buying new motorbikes.”
Declining purchasing power, while the supply of cars is quite abundant, has forced distributors to drastically reduce the prices of many models to attract buyers, boost sales and clear inventory. Notably, even hot names like Honda Vision, SH or LEAD have joined the race, many models are even offered by dealers at prices tens of millions of dong lower than the listed price of the company.
“It can be said that now is the time when motorbike prices are at their most attractive level for those who are planning to buy a new vehicle,” said Mr. Minh.
According to a survey by reporters, the standard Honda Vision is currently priced at 30 million VND, 100,000 VND higher than in early January 2024, but still more than 1 million VND lower than the suggested price. The premium, special and sport versions are equivalent to the suggested prices of 33 million VND, 35 million VND and 37 million VND respectively. The classic Honda Vision inched up a few hundred thousand VND to 37.5 million VND.
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| The motorbike market after Tet is very gloomy, the Vision model is sold by dealers below the suggested price. |
Similarly, at some dealers, the Honda SH scooter model is currently priced very attractively when all versions of the SH are almost close to the suggested price. Accordingly, the Honda SH 125i standard version is offered by dealers at 75 million VND. The Honda SH 125i premium, special and sport versions are priced at 84 million VND, 85 million VND and 85.5 million VND respectively. The Honda SH 160i premium and special are currently priced at 103 million and 104 million VND.
In particular, the standard SH 160i and SH 350i both recorded a sharp decrease below the manufacturer's suggested price. Of which, the standard SH 160i is 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).
SH Mode - which used to be sold for more than 10 million VND more, now only costs 360,000 VND to 1.2 million VND more, and some dealers even sell at the suggested price. Currently, the standard SH Mode costs 57.5 million VND, while the premium, special, and sport versions are 63 million VND, 64.5 million VND, and 65 million VND, respectively.
Like many other Honda models, the mid-range scooter Air Blade is also discounted by many dealers. Accordingly, the standard price of the 2023 Air Blade 160 ABS is 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 lower than the highest suggested price). The special version of the 2023 Air Blade 160 ABS is 3.11 million VND higher than the suggested price of the company, up to 61 million VND.
Up to now, the Honda LEAD standard, premium and special have selling prices ranging from 38 - 39 million VND, 40.5 - 41 million VND and 41 - 42 million VND respectively (depending on the region). Compared to the suggested price, the selling price of Honda LEAD in February is lower by 550,000 to nearly 1.8 million VND.
Honda Winner X has been reduced by 3 - 5 million VND (compared to before Tet), bringing the common selling price at dealers to around 35 - 38 million VND. Some places even sell it for 32 million VND.
For scooters, the Honda Vario 160 model is discounted by 3 - 4 million VND. The Honda PCX 160 imported from Indonesia is also discounted by 2 - 3 million VND (applicable to the 2023 model).
Meanwhile, Yamaha Exciter 155 is also enjoying a discount of up to 5 million VND at dealers. Yamaha Grande, Janus, Latte, Freego,... are also discounted by an average of about 2 million VND.
Suzuki Raider and Suzuki Satria, which compete directly with the two models mentioned above, are also being discounted from several hundred to several million VND depending on the region, making competition in the manual transmission motorbike segment increasingly fierce.
According to a report from the Vietnam Association of Motorcycle Manufacturers (VAMM), motorcycle sales in the fourth quarter of 2023 (from October 2023 to the end of December 2023) were 681,963 vehicles, an increase of 11.68% compared to the previous quarter and a decrease of 18.03% compared to the same period in 2022. Total sales in 2023 were 2,516,212 vehicles, a decrease of 16.21% compared to 2022. This is also almost the lowest level in the past 6 years, even lower than the 2 years when the Covid-19 pandemic occurred, 2019 and 2020.
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