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NEWS UPDATES Asean Affairs     August 24,  2016  

City opens first used car market

HCM City has opened its first secondhand automobile market where sellers and buyers can meet directly to discuss purchases.

The secondhand market, which is common in the US and Europe, helps sellers and buyers save time and money as there is no commission.

Sago Auto, which recently opened on 29 Nguyễn Đình Chiểu Street in District 1, has an area of 5,000 sq.m and can accommodate 100 4-seat and 7-seat autos.

“The secondhand auto market aims to connect sellers and buyers in the speediest and most time-saving way,” Trần Thái Hoà, director of Sago Auto, told Thời Nay (Nowadays) newspaper.

In the past, buyers often sought secondhand cars online, spending time searching for  information and looking for cars in different places. Sellers also had to do the same.

Sellers of secondhand cars at Sago Auto pay a daily fee of VNĐ100,000 (US$4.5) for at least seven days to park their car.

The cars will be checked and a price set by Sago’s technicians. All information will be placed on the front window of the car along with an owner’s telephone number.

Sago Auto also provides services for purchasing a car, including checking the origin, examining the technical situation, providing financial and payment services, and issuing price certificates.

Buyers can make phone calls and negotiate prices directly with sellers. All payments are carried out through a temporary banking account in order to limit risks. Money is transferred to sellers when everything is completed.

Civil engineer Vũ Huy Nam, who is willing to spend VNĐ600 million ($27,000) on a car, said he had been looking for a secondhand car for a long time.

“I spent a lot of time looking, but the prices were very high. Coming here, I think I can find a car at a reasonable price,” Nam said.

“The price is good because monthly parking fees in district 1 are VNĐ2 – 2.5 million ($90-125),” Hoà added.

To increase turnover, Sago Auto will open an auto repair garage. “We plan to open a website to support our customers,” he added.

The secondhand market has all kind of cars, from luxury to basic models, with prices ranging from VNĐ225 million to 2 billion ($10,000 – $90,000).  

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