价格战冲击与转型阵痛：中国二手车市场如何破局？

Core Viewpoint - The ongoing price competition in the new car market is significantly impacting the used car sector, leading to a decline in used car transactions and prices due to consumers opting for new cars at similar or slightly higher budgets [1][4]. Group 1: Used Car Market Performance - In May, the used car transaction volume decreased by 5.72% month-on-month and only increased by 1.22% year-on-year, primarily due to the diversion and pressure effects from the active new car market [1]. - The average resale value of three-year-old fuel vehicles dropped from 56.8% in 2023 to 51.8% in 2024, with mainstream brands seeing values fall to 45%-50% [6]. - The average resale value of three-year-old electric vehicles (BEVs) is below 50%, with specific figures showing 44.2% for BEVs and 46.1% for plug-in hybrids (PHEVs) [8]. Group 2: Market Challenges - The fundamental issue in the used car market is its struggle amidst the rapid transformation towards new energy vehicles, with inadequate certification, circulation systems, and supporting services [3][11]. - The used car industry faces integrity issues, with some operators engaging in deceptive practices that harm the overall industry image [3]. - The financial penetration rate for used car loans is only 48%, significantly lower than that for new cars, indicating a lack of supporting financial services [3]. Group 3: Market Dynamics and Future Outlook - The price war in the new car market is intensifying, with a record number of manufacturers participating and significant discounts being offered [5]. - Despite the challenges, the used car industry is entering a development window, supported by a large existing vehicle stock of 353 million units and the removal of inter-regional sales restrictions [11]. - The intensity of the price war is expected to decrease, with industry organizations advocating for healthier competition and regulatory measures being implemented to stabilize the market [12][14]. Group 4: Export Opportunities - The used car sector is looking towards overseas markets for growth, which require adherence to established regulations and standards, potentially benefiting the domestic used car industry [15].