Wednesday , June 7 2023

VinFast to buy back electric cars after 5 years

VinFast electric car owners in Vietnam can sell their vehicle back to the company after five years for 53-66% of their purchase price, the automaker has said.

It applies to VF 5, VF e43, VF 8, and VF 9 vehicles. VinFast will directly buy them back or engage a third party to do it.

The policy will only apply to cars bought between 2022 and 2024, and cars must be used for at least five years to be bought back.

This means people can sell their cars back to VinFast in 2027 at the earliest.

The buyback rates are fixed for each model.

If the third party pays a lower rate, VinFast will make good the difference to its customers.

From the sixth year of usage the buyback rate will depend on market conditions and the vehicle’s condition.

Customers should not have used their vehicle as a taxi or driven more than 35,000 kilometers a year, and it should not have been damaged by water.

Some other auto brands in Vietnam such as Mercedes, Toyota and Mitsubishi have similar policies, but usually buy back vehicles less than five years old.

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