Based on the study of static properties of the high temperature superconducting (HTS) Maglev vehicle, the dynamic characteristics and stability are investigated in the paper. A Maglev vehicle model using 86 bulk high Tc superconductors (HTSCs) is made at 1/4 scale of the first man-loading HTS Maglev test vehicle. Dynamic characteristics of the low-speed HTS vehicle in three directions are studied by measuring vibration signals of six essential point of the vehicle model. The natural frequency is analysed. 30 mm height is suggested as a reasonable field cooling height (FCH). Lower FCH brings the operation stability of the HTS Maglev system over permanent magnetic guideway (PMG) at low speed. Dynamic stability dependence on the speed of the HTS vehicle is quite different from that of the conventional Maglev vehicle system. The effect of speed on the unsafe motions can be suppressed by decreasing FCH in the operation of the vehicle model over the PMG to a great extent.