Market Overview - In May 2025, the national used car market saw a transaction volume of 1.6039 million units, a month-on-month decrease of 5.72% but a year-on-year increase of 1.22%, with a transaction value of 102.962 billion yuan [3] - From January to May 2025, the cumulative transaction volume reached 7.9126 million units, a year-on-year growth of 0.62%, with a cumulative transaction value of 516.399 billion yuan [3] Weekly Analysis - From June 16 to 22, 2025, the used car market continued to show signs of recovery, with an average daily transaction volume of 65,900 units, a month-on-month increase of 1.95% [5] - The estimated total transaction volume for June is approximately 1.57 million units, indicating a slight decline of 2.6% compared to the same period in May [5] Segment Market Changes - In May 2025, the transaction volume for basic passenger cars was 902,600 units, down 5.94% month-on-month and down 1.82% year-on-year [7] - The SUV segment saw 209,500 units traded, a month-on-month decrease of 7.12% and a year-on-year decrease of 0.23% [7][8] - The MPV segment recorded 104,300 units, with a month-on-month decrease of 5.77% but a year-on-year increase of 6.10% [8] Price Analysis - The average transaction price of used cars in May 2025 was 64,400 yuan, a decrease of 400 yuan from April and a decrease of 200 yuan year-on-year [25] - The largest market share was for vehicles priced below 30,000 yuan, accounting for 32.4% of transactions, although this was a decrease of 0.4 percentage points from the previous month [23] Regional Performance - In May 2025, all six major regions experienced varying degrees of decline in transaction volumes, with the Southwest and Northwest regions showing the most significant drops [27] - The East China region recorded a transaction volume of 458,000 units, down 5.34% month-on-month [27] New Energy Used Cars - In May 2025, the transaction volume of new energy used cars reached 121,000 units, a month-on-month increase of 2.7% and a year-on-year increase of 41.1% [31] - From January to May 2025, the cumulative transaction volume of new energy used cars was 545,300 units, a year-on-year increase of 29.7% [31] Flow Analysis - The used car transfer rate in May 2025 was 29.76%, a month-on-month decrease of 0.32 percentage points but a year-on-year increase of 1.06 percentage points [37] - The total transfer volume was 476,900 units, a month-on-month decrease of 6.72% but a year-on-year increase of 4.96% [37] Dealer Insights - The top five provinces by transfer rate in May 2025 were Beijing (35.20%), Hebei (32.75%), Guangdong (32.46%), Zhejiang (32.25%), and Shanghai (31.63%) [46] - Dealers showed a preference for "premium cars" that can quickly deplete inventory and "old cars" with stable prices [61]

Core Viewpoint - The second-hand market for electric vehicles in China is experiencing significant price declines, particularly for popular brands like Xiaomi, Tesla, and BYD, due to increased supply and various market pressures [1][2][4]. Group 1: Market Trends - The production of new energy vehicles in China surpassed 4.4 million units from January to April, with a market penetration rate of 43%, leading to an increase in second-hand vehicle supply [1]. - In May, several models, including those from Tesla and BYD, saw notable price drops in the second-hand market, indicating a "price collapse" phenomenon [1][2]. Group 2: Specific Brand Analysis - Xiaomi's SU7 Ultra saw its second-hand price drop from 50.33 million yuan to 48.33 million yuan, with reports of a 6,000 yuan price difference due to a wave of cancellations and promotional activities [2][3]. - Tesla's Model 3 experienced a "cliff-like" price drop, with prices for nearly new models falling to 18.5 million yuan from over 25 million yuan, reflecting a cumulative price reduction of over 50,000 yuan [6]. Group 3: Market Dynamics - The depreciation of second-hand electric vehicles is exacerbated by rapid technological advancements, leading to older models becoming outdated quickly [8]. - The second-hand market is seeing a shift in acquisition strategies, with dealers prioritizing mainstream brands and rejecting vehicles with battery health below 85% [6][8]. Group 4: Export Market - The export of second-hand vehicles, particularly to the Middle East, has increased, with 436,000 units exported in 2024, a 46.5% year-on-year growth, but high-end electric vehicles still face challenges due to domestic inventory and limited overseas demand [8].