The Ultimate Guide to Understanding New Car Costs in Hanoi

The saying “buy a car, sell a house” still rings true today. Purchasing a brand new car isn’t just about the hefty price tag of the vehicle itself; it also involves a multitude of other expenses. So, what are these costs associated with buying a new car? How can you budget wisely and avoid breaking the bank when bringing your new ride home? This article will reveal all the essential information you need!

Breaking Down the Costs of Buying a New Car

Are you dreaming of a brand new Hyundai HD120S truck from Ô Tô Hòa Phát on Giải Phóng Street? Or perhaps you’ve got your eye on a Thaco Towner 990 truck at a dealership on Lê Văn Lương Street? Whatever your choice, keep in mind these mandatory expenses:

1. Vehicle Price: The Core of All Costs

This is the most significant expense, accounting for the largest portion of the total cost. The price of a new car depends on various factors such as brand, model, version, and dealership.

• Examples:
  • A Suzuki Carry Pro truck at dealership A has a listed price of 300 million VND.
  • An Isuzu QKR77HE4A truck at dealership B has a listed price of 500 million VND.

A red Hyundai HD120S truck on a highway.

2. Administrative Fees: Unlocking the Road to Your New Car

After choosing your desired vehicle, you need to complete legal procedures to officially own it. These costs include:

• Registration Fee: This mandatory fee is based on the vehicle’s value and registration location.
  • Example: In Hanoi, the registration fee is 12% of the vehicle’s value.
• License Plate Fee: This covers the cost of issuing new license plates and registering the vehicle.
  • Example: In Hanoi, the license plate fee for a car ranges from 1-2 million VND.
• Compulsory Civil Liability Insurance: This mandatory insurance protects you from financial risks in case of accidents.
  • Example: The annual fee for a 4-5 seater car is 794,000 VND.
• Comprehensive Car Insurance (Voluntary): This protects you from financial losses due to damage to your vehicle from collisions, fires, etc.
  • Example: Comprehensive car insurance typically costs 1-2% of the vehicle’s value per year.

A Thaco Towner 990 truck driving on a city street.

3. Other Incidental Costs: The Essential Extras

Besides the fixed costs mentioned above, you should also budget for incidental expenses such as:

• Vehicle Registration Service Fee: If you prefer to avoid the hassle of paperwork, you can opt for a comprehensive registration service.
  • Example: In Hanoi, this service typically costs 1-2 million VND.
• Car Accessories: To enhance your car’s comfort and style, you might want to invest in accessories like window tinting, floor mats, and dashcams.
  • Example: Accessory costs vary greatly, ranging from a few million to tens of millions of VND.
• Other Expenses: There are always unforeseen expenses like travel, meals, and perhaps even gifts for those who helped you along the way.

Reference Price Table for New Car Costs

Note: This table provides estimated costs only. Actual expenses may vary depending on the time of purchase, location, and dealership policies.