Core Insights - The second-hand car market in China experienced a slight decline in November 2025, with a total transaction volume of 1.7462 million units, representing a month-on-month decrease of 0.67% and a year-on-year decrease of 2.21% [1] - The cumulative transaction volume from January to November 2025 reached 18.2369 million units, showing a year-on-year growth of 2.95% [1] Market Trends - The second-hand car market did not maintain the usual sales momentum following the "golden September and silver October," leading to a cooling trend [6] - Consumer uncertainty regarding policy direction and pricing has resulted in a cautious purchasing attitude, delaying buying decisions [6] - The end-of-year push in the new car market, characterized by frequent discount promotions, has exerted pressure on the second-hand car market [6] Market Performance Indicators - The second-hand car manager index for November was 46.3%, indicating continued market sluggishness [6] - The average price of second-hand cars in November was 64,100 yuan, with a slight month-on-month increase of 100 yuan [6] - The inventory cycle for second-hand cars was 45 days, shortened by one day compared to the previous month, indicating a slight improvement in circulation efficiency [6] Vehicle Type Analysis - In November, the transaction volume for basic passenger cars was 967,100 units, down 0.25% month-on-month and down 5.07% year-on-year [9] - The SUV segment saw a transaction volume of 227,100 units, with a month-on-month decrease of 0.42% and a year-on-year decrease of 6.37% [9] - The MPV segment, however, showed resilience with a transaction volume of 117,500 units, reflecting a month-on-month decrease of 2.25% but a year-on-year increase of 2.79% [9] Regional Performance - The East China region recorded a transaction volume of 483,500 units, down 2.03% month-on-month [16] - The Central South region saw a transaction volume of 479,000 units, with a slight month-on-month decrease of 0.1% [17] - The North China region experienced a growth of 2.43%, with a transaction volume of 273,100 units [17] Usage Age Distribution - In November, vehicles aged 3-6 years accounted for 42.72% of transactions, showing a month-on-month decrease of 0.11% and a year-on-year decrease of 7.12% [13] - Vehicles aged 3 years or less represented 26.89% of transactions, with a month-on-month increase of 0.63% [13] - Vehicles aged 10 years or more saw a month-on-month increase of 1.10% and a year-on-year increase of 4.25% [13] Market Outlook - December is expected to see a rebound in the second-hand car market due to year-end sales and potential consumer purchases taking advantage of policy benefits [7] - Businesses are advised to closely monitor market dynamics and adjust inventory and pricing strategies accordingly to capitalize on the anticipated market recovery [7]