二手车交易量创新高背后

Core Viewpoint - The second-hand car market in China is experiencing significant growth, with transaction volumes reaching 20.1 million units in 2025, but profit margins are declining, leading to a challenging environment for dealers [3][12]. Group 1: Market Growth and Trends - In 2025, the second-hand car transaction volume reached 20.1 million units, marking a new peak, with used new energy vehicles (NEVs) accounting for over 1.6 million units, a year-on-year growth of over 40% [3][10]. - The average transaction price of second-hand cars decreased from 66,700 yuan in March 2025 to 61,600 yuan in September 2025, indicating a price drop in the market [3][7]. - The average profit margin in the second-hand car industry is approximately 4%, reflecting a significant decline compared to previous years [3][9]. Group 2: Profitability Challenges - The average profit margin for second-hand car dealers has decreased, with individual dealers like Wang Yang reporting a drop in profit from 15,000 yuan to 10,000 yuan for a 100,000 yuan vehicle over five years [7][9]. - Factors contributing to declining profits include increased competition, price transparency, and fluctuations in new car prices, which directly affect second-hand car pricing [7][9]. - Major dealer groups are also facing similar challenges, with companies like Yongda Automotive reporting a 60.2% decline in comprehensive profits from their second-hand car business [9][12]. Group 3: New Energy Vehicles as a Growth Opportunity - The penetration rate of second-hand NEVs increased from 3.6% at the end of 2022 to 12% by December 2025, indicating a growing market segment [10][11]. - The average three-year depreciation rate for NEVs is significantly higher than that of traditional fuel vehicles, with NEVs averaging a 43% retention rate compared to 62% for fuel vehicles [11][12]. - Despite the challenges, NEVs are seen as a new growth opportunity for second-hand car dealers, with companies like Yongda Automotive planning to accelerate their focus on this segment [11][12].