Core Insights - The second-hand car market in China showed a slight year-on-year growth in the first quarter of 2025, with a total transaction volume of 4.6074 million units, representing a 0.15% increase compared to the same period last year [1][6] - March 2025 was a peak month for sales, driven by policy support and seasonal demand, resulting in a significant month-on-month increase in transaction volume [3][4] Market Performance - In March 2025, the total transaction volume for second-hand cars reached 1.7549 million units, a month-on-month increase of 26.14% [4] - The breakdown of transaction volumes for different vehicle types in March includes: - Basic passenger cars: 1.0029 million units, up 24.64% month-on-month and 0.48% year-on-year - SUVs: 233,100 units, up 25.35% month-on-month and 2.79% year-on-year - MPVs: 113,600 units, up 24.61% month-on-month and 3.29% year-on-year - Cross-type passenger cars: 45,000 units, up 30.28% month-on-month and 11% year-on-year [4][6] Commercial Vehicle Trends - In the commercial vehicle segment, March 2025 saw: - Buses: 98,500 units, up 27.34% month-on-month and 0.5% year-on-year - Trucks: 143,900 units, up 33.79% month-on-month and 7.81% year-on-year [5][7] Price and Age Distribution - The average transaction price for second-hand cars in March 2025 was 66,700 yuan, a 210 yuan increase from February but a 230 yuan decrease from the previous year [11] - The most traded vehicles were those aged 3-6 years, accounting for 45.70% of transactions, although this was a decrease from the previous year [9][10] New Energy Vehicle Growth - The transaction volume for second-hand new energy vehicles in March 2025 reached 117,100 units, marking an 18.7% increase from February and a 28% increase year-on-year [14] - In the first quarter of 2025, the total transaction volume for new energy second-hand vehicles was 306,500 units, a 24.8% increase compared to the same period in 2024 [15] Regional Performance - In March 2025, all six major regions in China experienced significant growth in second-hand car transactions, with North China showing the highest increase of over 30% [10] - Beijing's market performance was particularly strong, with transaction volumes increasing by approximately 60% compared to the previous month [10] Inventory and Turnover - The average inventory turnover period for second-hand car dealers in April 2025 was 41 days, a decrease of one day from March, indicating improved inventory management [22][23]