Luxury Cars Lexus LX 570 and Range Rover Still Unsold Despite Huge Discounts
Luxury car brands, such as the Lexus LX 570 and Range Rover, are currently facing a unique challenge in the automotive market. Despite significant price reductions, these high-end vehicles are still struggling to find buyers.
Unsuccessful Auctions
According to the Hà Tĩnh Police, after multiple unsuccessful attempts to sell a collection of confiscated vehicles, including six cars and one motorcycle, the State Treasury has decided to pursue alternative options. The assets will not be sold individually; instead, the appraisal board will reduce the prices by 10% and continue searching for potential buyers.
The Luxury Vehicle Collection
The collection of luxury cars includes a Volkswagen Beetle from 1999, a black Lexus LX 570 with a 5.7L engine manufactured in Japan in 2018, a Land Rover Range Rover in blue-black with a 2.0L engine produced in the UK in 2016, a white Land Rover Range Rover of the same model and engine specifications also produced in the UK in 2016, a white Hyundai Santa Fe manufactured in China in 2014, a black Kia Sportage produced in South Korea in 2005, and a Ducati Multistrada motorcycle with a 1,198cc engine manufactured in Italy in 2017.
Pricing and Auction Attempts
The starting price for the entire collection was set at 10.5 billion VND (approximately $450,000), excluding taxes, fees, and other financial obligations. After two unsuccessful auctions, the Hà Tĩnh Police agreed to reduce the starting price to 1 billion VND (around $43,000) for the next auction. However, due to the absence of auction documents, the auction was once again unsuccessful.
Previous Auction Success
The Hồng Lĩnh Town Police Department successfully auctioned off a collection of 32 used motorcycles. The collection included the Ducati 999S (manufactured in 2003), the Suzuki RGV120 (a model launched in Vietnam in 1997), the Suzuki Satria 120 (a two-stroke underbone motorcycle first produced in Indonesia in 1998), the Honda NSR 150 (a dream bike for many Vietnamese youth around 20 years ago), and others. This successful auction ensured that the motorcycles were sold for a total of nearly 150 million VND (about $6,500) before the summer season, reducing the risks of fire and explosions.
Despite significant price reductions, luxury cars like the Lexus LX 570 and Range Rover remain unsold. The market response to these discounted prices has been unexpected. To learn more about the automotive industry and stay updated with the latest business news, visit Business Today.