Approaching September, many products are still in stock produced in 2023 (VIN 2023), including the Hyundai Palisade. This E-class SUV has been offered discounts of up to hundreds of million VND for many months, but dealers still can't clear out the inventory completely.
In the last few days of August, many showrooms have increased promotions for the Palisade VIN 2023, with a program offering 100% vehicle registration fee waiver. The discount amount varies depending on the version and location of registration.
For the 2024 VIN vehicles, some dealers are only applying discounts of 30-40 million VND depending on the version.
The Hyundai Palisade VIN 2023 is no different from the VIN 2024 in terms of features, but it depreciates more easily when resold (Photo: Hyundai dealer).
There are not many remaining VIN 2023 vehicles in stock, mainly the Exclusive 6-seater version (1.479 billion VND), Prestige 7-seater (1.559 billion VND), and Prestige 6-seater (1.589 billion VND). The standard Exclusive 7-seater variant is only available in the VIN 2024 models at many dealerships.
The 100% vehicle registration fee waiver is equivalent to a discount of up to 150 million VND on the top-of-the-line Prestige 6-seater model (1.589 billion VND), with many places also willing to add extra accessories. In previous months, most dealers only applied discounts of 100-120 million VND for the Palisade VIN 2023.
Interior of the Hyundai Palisade (Photo: Hyundai dealer).
In the E-class SUV segment, the Volkswagen Teramont and Teramont X do not disclose monthly sales figures. Therefore, the Hyundai Palisade can be considered the best-selling product, with a total of 676 units sold in the first 7 months of 2024, followed by the Ford Explorer (421 units).
This category does not attract customers as much as the D-class SUV segment, with less competition, as most of the products have high selling prices. For example, the Ford Explorer is priced at 2.099 billion VND, and the price of the Volkswagen Teramont/Teramont X ranges from 1.998 to 2.499 billion VND.
Therefore, upon entering Vietnam, Chinese automakers have chosen to compete in this segment with the GS8 model. Compared to the mentioned competitors, the GS8 has an attractive selling price, starting from 1.269 billion to 1.369 billion VND.
The retail price proposed by GAC GS8 is equivalent to the mid or high-end version of some D-class SUVs such as the Ford Everest (1.099-1.545 billion VND) (Photo: GAC).
However, like other Chinese models in the market, the GAC GS8 will need time to prove its quality. Initially, this model will still face competition pressure from its competitors, especially when the Hyundai Palisade is offering inventory clearance promotions at dealerships.
For example, the Exclusive 6-seater VIN 2023 variant of the Palisade is supported by dealers with a 100% vehicle registration fee waiver, equivalent to a discount of nearly 150 million VND. After applying the promotion, the actual selling price of this variant is lowered to 1.329 billion VND, which is already below the highest listed price of the GAC GS8.
Interior of the modern GAC GS8 (Photo: Autohome).
Of course, when comparing, the features of the top-end GAC GS8 variant will outperform the low-end version of the Hyundai Palisade. However, the brand factor still significantly influences consumers' purchasing decisions.
Moreover, in the near future, domestically produced cars will receive a 50% vehicle registration fee waiver from the government. This increases the competitive advantage for the Palisade, as this model is assembled domestically.
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