崔东树：1-6月二手车累计交易量同比增2% 行业发展重回快车道

Core Insights - The second-hand car market in China is experiencing significant growth, with a transaction volume of 1.6575 million units in June 2025, reflecting a 3% month-on-month increase and a 9% year-on-year increase, while the transaction value reached 106.8 billion yuan, up 9.2% year-on-year [1][5] - The cumulative transaction volume for the first half of 2025 reached 9.57 million units, showing a 2% year-on-year increase, although the transaction value slightly decreased by 0.3% to 623.2 billion yuan [1][5] - The market is still in a rapid growth phase, with significant potential for future development, especially in the context of the increasing popularity of new energy vehicles (NEVs) [1][5] Market Development - The second-hand car market is recovering and returning to a fast growth trajectory, with the first half of 2025 showing a notable increase in transaction activity compared to previous years [2] - The transaction structure is evolving, with a growing proportion of newer vehicles (under 6 years old) being sold, indicating a shift towards higher quality and newer models in the second-hand market [7][10] Transaction Volume and Value - In June 2025, the monthly transaction volume was 1.6575 million units, with a cumulative total of 9.57 million units for the first half of the year, while the transaction value for June was 106.8 billion yuan [4][5] - The average transaction price for second-hand cars is trending upwards, with a notable increase in the proportion of vehicles priced between 80,000 to 150,000 yuan [13][17] New Energy Vehicles (NEVs) - The transaction volume of second-hand NEVs reached 141,100 units in June 2025, marking a 64% year-on-year increase, with a cumulative total of 686,500 units for the first half of the year [14] - The penetration rate of second-hand NEVs has risen significantly, from 3.6% at the end of 2022 to 11.3% by June 2025, indicating strong market demand [14] Vehicle Age Structure - The proportion of second-hand cars aged 3 years or less has increased to 27% in the first half of 2025, while vehicles aged 3-6 years accounted for 45.3% [7][15] - The market is seeing a decline in the transaction volume of older vehicles (over 10 years), which suggests a preference for newer models among consumers [7][10] Price Trends - The average price of second-hand NEVs is increasing, with a significant rise in the share of vehicles priced between 80,000 to 150,000 yuan, while the share of vehicles priced below 30,000 yuan is decreasing [13][17] - The depreciation rates for NEVs are stabilizing, with the three-year retention rate for NEVs showing signs of improvement as the market matures [23][24] Inventory and Turnover - The turnover rate for second-hand cars is improving, with the proportion of vehicles in inventory for over 30 days decreasing, indicating a healthier market dynamic [21][22] - The transfer rate of second-hand vehicles has reached a historical high of 30.1% in the second quarter of 2025, reflecting increased market activity and improved transfer processes [19][20]