【保值率】2025年2月中国汽车保值率报告

Core Viewpoint - The report on the depreciation rate of Chinese automobiles in February 2025 aims to reflect the comprehensive strength of brands, including product power, recognition, and reputation, providing important data for future business operations such as repurchase, replacement, leasing, financing, and new car pricing [1][2]. Policy Direction - The ongoing "trade war" between China and the U.S. has led to increased tariffs on imported large-displacement vehicles and pickups, resulting in higher prices that will be shared by dealers and consumers. The affected models include those with engine displacements over 2.5L, prompting multinational car manufacturers, especially luxury brands, to consider local production as a wise strategy. Consumers are increasingly leaning towards purchasing smaller displacement vehicles and electric cars [3]. Hot Events - The implementation of the National VI emission standards has faced controversies, including instances of "software cheating" by some companies and deficiencies in testing methods. The delay in emission testing for hybrid vehicles necessitates urgent improvements. While the national standard serves as a minimum requirement, some companies are accelerating the development of fuel vehicle technologies, with brands like Volkswagen making breakthroughs that could revitalize the fuel vehicle market. The Ministry of Ecology and Environment has announced plans to research and formulate National VII standards for light and heavy-duty vehicles [4]. Online Vehicle Supply Changes - The online and offline channels for vehicle sourcing are still in the process of integration, leading to a slow recovery in vehicle supply. As of February 2025, the used car market remains stagnant, with merchants lacking clear operational direction and insufficient financial support compared to the new car market. The absence of stimulating factors for consumer sentiment and product updates contributes to the lackluster market conditions [5]. New Car Price Trends - The decline in new car prices has encroached on the survival space of the used car market. The significantly low down payments have further lowered barriers for consumers, resulting in a notable decrease in demand for used cars. However, there remains a steady demand for high-quality mid-range and large SUVs, with the depreciation rates for these segments showing an increase [6]. Changes in the New Energy Vehicle Market - The rapid development of the new energy vehicle industry in China has positioned it ahead of overseas competitors, benefiting from a larger domestic market scale. The "New Energy Vehicles Going to the Countryside" initiative has transitioned from policy-driven to market-driven since 2020. The low operating costs of electric vehicles are a key factor for consumers. However, the current infrastructure for charging and battery swapping is inadequate, which hampers user experience. The recent notification outlines plans to support 75 pilot counties in improving charging infrastructure by 2025, which is essential for boosting sales and the second-hand market [7]. Different Types of New Energy Vehicle Depreciation Rates - The second-hand market for new energy vehicles is currently in a wait-and-see mode, with prices remaining stable during February, which coincided with the Spring Festival holiday. Benchmark companies like Tesla have begun promotional offers for older models, while new models are just being delivered. The market is still assessing price trends and the timing of new model launches, with overall depreciation rates remaining stable despite some manufacturers pushing for zero down payments and interest-free loans [8][9].