中国汽车流通协会：9月全国二手车市场交易量179.44万辆 环比增长5.10%

Core Insights - The second-hand car market in China showed a robust growth in September 2025, with a transaction volume of 1.7944 million units, reflecting a month-on-month increase of 5.10% and a year-on-year increase of 8.20% [1] - The cumulative transaction volume from January to September 2025 reached 14.7328 million units, marking a year-on-year growth of 3.63% [1] Market Dynamics - The demand for second-hand cars improved significantly in September due to multiple positive factors, including the continuation of local replacement subsidy policies and a surge in new car launches, which enhanced consumer choices and invigorated the second-hand market [5] - The upcoming "Golden Week" holiday spurred strong travel demand, particularly for long-distance and self-driving trips, which became a core driver for the increase in second-hand car transactions [5] - Dealers responded to market opportunities by launching diverse promotional activities, such as price reductions and financing incentives, effectively matching consumer purchasing intentions and amplifying market demand [5] Pricing and Supply - Despite the increase in transaction volume, there is a notable "volume-price divergence," as the retail prices of key models did not rise in tandem with transaction volumes due to ample supply and pressure from new car launches [6] - The average inventory turnover period remains high at 46 days, indicating ongoing operational pressures for dealers despite efforts to accelerate cash flow through a "thin profit, quick turnover" strategy [6] Vehicle Type Performance - In September, the transaction volume for basic passenger cars reached 986,800 units, with a month-on-month increase of 3.55% and a year-on-year increase of 4.17% [9] - The MPV segment showed particularly strong demand, with a year-on-year growth of 16.40%, making it the standout category in the passenger car market [9] - Commercial vehicles also performed well, with a total of 104,700 buses sold, reflecting a year-on-year increase of 17.41% [9] Age Structure of Vehicles - The majority of transactions in September involved vehicles aged 3-6 years, accounting for 41.12% of total sales, although this represents a decline compared to previous periods [13] - The proportion of vehicles older than 10 years increased to 12.55%, indicating a shift in market structure towards older vehicles [13] Regional Performance - The East China region led the market with a transaction volume of 506,900 units, showing a month-on-month increase of 6.21% [16] - The North China region also performed well, with a transaction volume of 276,800 units, reflecting a month-on-month growth of 6.74% [17] - The Southwest region saw a modest increase of 2.33%, with notable growth in Guizhou and Yunnan [18] Cross-Regional Flow - The cross-regional transfer rate for second-hand cars reached 32.12%, indicating a growing trend in inter-regional sales and improved market circulation efficiency [20]