站上2000万辆“新台阶” 二手车市场远未触及“天花板”

Core Insights - The used car market in China is experiencing a significant transformation, with a total transaction volume exceeding 20 million units in 2025, marking a historical high [1][2] - The market is characterized by a "low start, high rebound" trend, with a notable increase in consumer confidence and market activity in the second half of 2025 [2][6] - The cancellation of certain subsidies has shifted consumer preferences towards more cost-effective used cars, driving demand [2][3] Market Performance - In December 2025, the national used car market transaction volume reached 1.8711 million units, reflecting a month-on-month increase of 7.15% but a year-on-year decrease of 1.53% [1] - The total transaction volume for the year was 20.108 million units, representing a year-on-year growth of 2.52% and an increase of 493,800 units compared to the previous year [1][2] - The total transaction value for used cars in 2025 was 1.28979 trillion yuan [1] Trends and Developments - The cross-regional circulation of used cars is strengthening, with the transfer rate reaching 34.9% in December 2025, up 4.7 percentage points from the same period in 2024 [3] - The proportion of used new energy vehicles (NEVs) is increasing, with 1.6 million NEVs sold in 2025, accounting for 7.9% of total transactions, up 2.2 percentage points from 2024 [3] - The industry is moving towards a more refined operational model, focusing on inventory management and efficiency to reduce risks [3] Industry Challenges - The used car market faces challenges such as low transaction quality and a lack of transparency, which affects consumer trust [4][5] - There is a need for improved industry standards and regulations to enhance the overall market environment and consumer confidence [5] - The market is still developing its financial and insurance services, which are lagging behind consumer demand [5] Future Outlook - The used car market is expected to grow significantly, with potential annual transaction volumes reaching 40 to 50 million units if the market conditions improve [7] - The average vehicle age is approaching 8 years, indicating a large number of vehicles entering a replacement cycle, which could further boost transaction volumes [6][7] - The overall market environment is anticipated to improve in 2026, driven by stable new car prices and the implementation of trade-in policies [7]