崔东树：2025年全国二手车累计交易量2011万台 同比增2.5%

Core Insights - The second-hand car market in China is experiencing growth, with a total transaction volume of 1.87 million units in December 2025, reflecting a month-on-month increase of 7% but a year-on-year decrease of 1.5% [1][2] - The total transaction value for second-hand cars reached 120.7 billion yuan in December 2025, showing a year-on-year increase of 0.6% [1] - The cumulative transaction volume for second-hand cars in 2025 was 20.11 million units, up 2.5% year-on-year, with a total transaction value of 1.2898 trillion yuan, an increase of 0.4% [1] Market Trends - The proportion of second-hand car transfers has increased significantly, reaching a historical high of 34% in December 2025, compared to a range of 25-30% in recent years [1][21] - The second-hand market is characterized by a diverse range of vehicle types, with stable transaction prices, which is beneficial for the market [4] - The market is expected to see strong growth in 2026 due to the anticipated increase in vehicle replacement subsidies [5] New Energy Vehicles (NEVs) - The transaction volume of second-hand NEVs reached 169,000 units in December 2025, marking an 8.7% month-on-month increase and a 36.5% year-on-year increase, with a penetration rate of 12% [1][14] - Cumulatively, 1.61 million second-hand NEVs were sold in 2025, reflecting a year-on-year growth of 43% [1][15] - The market for second-hand NEVs is expected to grow significantly as the ownership of new energy vehicles increases, with a notable rise in the proportion of low-age second-hand vehicles [15][18] Vehicle Age Structure - The proportion of second-hand vehicles aged 3-6 years is 43.9%, while those over 10 years old account for 11.4% of transactions in 2025 [7] - The trend indicates an increase in the transaction of older vehicles, with the quality assurance of high-age products improving due to advancements in automotive technology [8][10] Pricing Trends - The average transaction price of second-hand vehicles is stabilizing, with a notable increase in the proportion of vehicles priced between 30,000 to 50,000 yuan, while those below 30,000 yuan are declining [13][19] - The recent increase in the transaction volume of second-hand NEVs priced between 50,000 to 80,000 yuan indicates a shift in consumer preferences [19][20] Inventory and Turnover - The inventory pressure for second-hand vehicles has improved, with 34% of vehicles having a turnover time of less than 15 days as of December 2025 [23] - The average inventory days for second-hand vehicles have decreased, indicating a more efficient market [23] Conclusion - The second-hand car market in China is on a growth trajectory, driven by increasing consumer demand, particularly for new energy vehicles, and improved market conditions for vehicle transfers and inventory management [1][5][15]