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Auto market waken by registration fee increase
The car sale has been surging fast after gloomy days as the car registration fee is to climb soon.
The Government has decided to raise the registration fee for cars of less than 10 seats to between 10-15 percent of the purchase price from the present 5 percent as from August 25.
The market used to fall into a slump because the Government had three times this year increased the tax on imported cars while banks limited loans for consumption.
According to traders, the demand for cars of less than 10 seats rose sharply as from mid-July. It reached its peak last week with many agents selling out 50 to 100 units.
Before July, the number of imported cars in stock was up to over 10,000 units.
Almost all car traders are giving special offers such as price cut and gift to draw customers. The Huyndai Vietnam Company has introduced a programme to give deferred loan worth of 70-75 percent of the car price within 36 months.
The Euro Auto Corp, BMW car importer and distributor in Vietnam , also has a deferred payment programme for car buyers with an interest rate of 1 percent.
In addition, traders have also axed prices of many models.
Moreover, imported cars also saw their prices decreased by between 1,000-3,000 USD each, thus becoming more attractive to local customers.
Traders said that the import tax level is 83 percent of car price but it is really equal to only 75 percent thanks to the recent drop of car prices.
Car traders are expected to sell out all cars in stock before the application of new car registration fee.
VNN
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