虎嗅APP·2026-02-10 14:12Core Viewpoint - The Chinese automotive market is experiencing a downturn in new car sales, with significant declines reported for major brands, while the used car market is thriving, indicating a shift in consumer preferences and market dynamics [2][3][24]. Group 1: New Car Market Trends - In January 2026, BYD's sales dropped by 30%, and Li Auto's sales fell by 7.55%, with Geely only seeing a slight increase of 1% due to strong overseas performance [2]. - The overall passenger car sales in China are projected to reach 24 million in 2026, with a growth rate slowing to 1% [2]. - The decline in consumer confidence, exacerbated by reduced subsidies and macroeconomic factors, is expected to keep consumer sentiment below the breakeven line [2]. Group 2: Used Car Market Dynamics - The used car market in China is booming, with a transaction volume of 20.1 million units in 2025, marking a year-on-year growth of 2.52% and a total transaction value of 1.28979 trillion yuan [3]. - The demand for used electric vehicles is expected to grow by over 50% [3]. - The trend of purchasing used cars is driven by practical needs, such as commuting and returning home during holidays, with a notable increase in cross-regional vehicle registrations [6][8]. Group 3: Consumer Preferences and Behavior - Consumers are increasingly opting for used cars due to price advantages, allowing them to afford better models compared to new cars [10]. - The introduction of new policies has increased the variety of available used car models, enhancing consumer choice [11]. - The demand for used cars is becoming more personalized, with consumers selecting vehicles based on specific needs such as fuel efficiency and durability [14]. Group 4: Implications for Automotive Companies - The rise in used car sales may negatively impact new car sales in the short term, as each additional used car sold could equate to one less new car sold [17]. - In the long term, a healthy used car market can stabilize the residual values of new cars, encouraging new car purchases [20]. - The growing interest in used cars among younger consumers may lead to future brand loyalty and new car purchases from the same manufacturers [21]. Group 5: Market Evolution and Future Outlook - The automotive market in China is maturing, with new car sales growth plateauing, while the used car market is expected to continue expanding [24]. - The automotive industry must adapt to this new normal by focusing on vehicle durability and reliability, rather than solely on sales volume [24]. - The overall automotive market is projected to exceed 10 trillion yuan in 2025, with significant implications for the aftermarket services sector [22].