Vietnam's used luxury-car market is experiencing declining demand, with prices of nearly new models being reduced by hundreds of millions to more than a billion VND without attracting buyers.

The luxury segment is under pressure as new-car prices fall, affecting the resale values of pre-owned vehicles. The trend spans multiple brands and vehicle generations. Models manufactured between 2021 and 2023, as well as vehicles launched in 2025 that have covered just over 3,000 km, are being offered at reduced prices, but demand remains limited.

Nearly new luxury cars see price cuts

A 2021 Toyota Land Cruiser LC300 imported from the Middle East was initially purchased by a showroom in Cau Giay, Hanoi, for VND 5.3 billion (US$ 204,500). It is now being offered for slightly more than VND 4 billion, representing a reduction of approximately VND 1 billion.

The Japanese SUV is purchased by business owners and affluent buyers in Vietnam. Officially distributed models currently have listed prices starting at VND 4.6 billion for petrol variants and VND 4.7 billion for hybrid models.

A 2020 Mercedes-AMG G63 with a black exterior, red interior and an odometer reading of approximately 40,000 km is also being offered below its original purchase price. Described as being in its original, well-maintained condition, the vehicle was acquired by the dealer for around VND 7 billion and is now listed at VND 6.2 billion.

The G63 attracted buyers in Vietnam in 2020-2021, including celebrities, businesspeople and other public figures. At the time, a new model was priced at approximately VND 11 billion to VND 13 billion.

A 2018 Range Rover Vogue with a black exterior and brown interior has also had its price reduced. Previously acquired for more than VND 4 billion, it is now being offered for more than VND 3 billion. Another example is a special-edition 2021 Lexus RX350 F Sport acquired by a used luxury-car dealer in Ho Chi Minh City in June 2026, when it was listed at VND 3.4 billion.

Its asking price has since fallen to VND 2.9 billion, but it remains unsold. A 2023 Mercedes-AMG C43 has also been discounted. According to the dealer, it could be sold for more than VND 1.9 billion around March 2026. It is now being offered for slightly more than VND 1.7 billion.

Demand for luxury cars declines

A representative of a dealership specialising in lightly used luxury cars in Ha Dong, Hanoi, said demand was weak. Price reductions were widespread, but many vehicles remained unsold even when dealers were prepared to accept losses.

The owner of a showroom in Cau Giay, Hanoi, said some vehicles were being sold at losses of up to VND 1 billion without attracting buyers.

"All the cars have been discounted and we are taking losses on all of them, but we still can't sell them. If things continue like this, the market will become paralysed. We don't dare to bring in more cars because every vehicle is losing money like this. We've never seen the car market like this before," the showroom representative said.

He attributed the situation partly to falling new-car prices. When manufacturers and dealers reduce the prices of new vehicles, used-car prices also tend to decline to maintain a price difference between new and pre-owned models.

Le Nguyen Tuan, administrator of a Vietnamese group for lightly used luxury cars, said the downturn was partly linked to the volume of new vehicles remaining in manufacturers' inventories.

Manufacturers are discounting some vehicles produced in previous years and carrying older vehicle identification numbers (VINs) to clear inventory. For example, the Mercedes-Benz GLC300 with a 2025 VIN is being discounted by approximately VND 600 million. Such reductions in new-car prices also affect used-vehicle valuations.

Tuan identified consumer demand as another factor. As households become more cautious about spending, cars, as non-essential consumer assets, may be among the items owners consider selling when facing financial difficulties. He estimated that current demand was approximately 10% of its previous level.