在政策层面，各地车市刺激政策推进节奏稳健。2025年7月下旬，第三批补贴资金已完成地方拨付，部 分区域以旧换新政策重启，且补贴形式呈现多元化创新，政策红利释放有望进一步提振8月二手车市场 增速。 在细分领域中，新能源二手车市场发展势头向好，有效降低了普通消费者的购车与用车成本。数据显 示，2025年1—6月新能源二手车交易量达68.65万辆，同比增长35%，占二手乘用车交易总量的9.07%。 北京商报讯（记者 蔺雨葳）8月14日，中国汽车流通协会乘用车市场信息联席分会发布的数据显示， 2025年8月4日—10日，二手车市场呈现逐步回暖特征。日均交易量达6.53万辆，环比增长2.1%，同比提 升1.4%，不仅创下6月以来的日均交易量峰值，更标志着市场进入企稳回升通道。 从市场经营端反馈来看，32.6%的车商反映线下客流环比改善，超35%的经营主体实现成交量周度增 长。与此同时，车商补库积极性显著提升，备货"金九"旺季的态势已然显现。 在价格维度上，60%的企业维持终端价格稳定，19%的企业出现终端售价小幅上行，多重市场信号共同 印证行业正步入复苏周期。 ...

Core Insights - The second-hand car market in China is showing signs of recovery, with average daily transaction volume reaching 65,300 units during the week of August 4-10, 2025, marking a 2.1% increase from the previous week and a 1.4% year-on-year increase compared to July 2025 [1][2] Market Performance - 32.6% of car dealers reported improved offline customer traffic, and over 35% of businesses experienced weekly transaction volume growth [2] - 60% of companies maintained stable end prices, while 19% reported slight increases in end prices, indicating a recovery phase for the industry [2] Policy Impact - Local governments are steadily implementing market stimulus policies, with the third batch of subsidy funds allocated in late July 2025, and some regions restarting trade-in policies with diversified subsidy forms [2] - The release of policy benefits is expected to further boost the growth of the second-hand car market in August 2025 [2] Segment Analysis - The second-hand market for new energy vehicles is performing well, with transaction volume reaching 686,500 units from January to June 2025, a 35% year-on-year increase, accounting for 9.07% of total second-hand passenger car transactions [2] Regional Performance - The North China, East China, and Central South regions showed varying degrees of growth in second-hand car transaction volumes, while the Northeast and Southwest regions experienced declines [5][6][7] - East China recorded an average daily transaction volume of 23,100 units, with notable growth in cities like Xiamen and Hangzhou, both exceeding 20% [5] - North China saw an average daily transaction volume of 2,600 units, with Tianjin's market growth exceeding 20% [5] - The Northeast region's average daily transaction volume decreased by 4.59%, with Dalian's market down by 10% [6] - The Southwest region's average daily transaction volume fell by 2.5%, with significant declines in cities like Kunming [6] - Central South region's average daily transaction volume increased by 4.43%, with Wuhan's market growing over 20% [7] - The Northwest region's market remained stable, with an average daily transaction volume of 1,100 units [7]

Core Insights - The second-hand car market in China is showing signs of stabilization and improvement, with a notable increase in transaction volume in June 2025 compared to previous months and the same period last year [1][2]. Market Performance - In June 2025, the national second-hand car transaction volume reached 1.6575 million units, representing a month-on-month growth of 3.34% and a year-on-year growth of 9.12% [1]. - From February to June 2025, the transaction volume consistently outperformed the same months in 2024, with year-on-year growth rates of 15.78%, 2.6%, 1.33%, 1.22%, and 9.12% respectively [1]. - The cumulative transaction volume for second-hand cars from January to June 2025 was 9.5701 million units, reflecting a year-on-year increase of 1.99% [2]. Inventory and Supply Chain - The improvement in transaction volume has led to enhanced inventory turnover efficiency, with 29.9% of companies having an inventory cycle of less than 15 days in June 2025, compared to only 10.5% in June 2024 [2]. - The average inventory cycle in June 2025 was 43 days, down from 56 days in June 2024 [2]. Market Trends and Consumer Behavior - The second-hand car market is expected to maintain a steady growth trend, with July 2025 projected to see transaction volumes around 1.65 million units, similar to June [3]. - The replacement rate in the industry remains above 60%, driven by government policies and consumer incentives, which has increased the supply of second-hand cars [3]. - The price stability in the new car market has positively influenced consumer expectations for second-hand car prices, potentially reversing the downward price trend [3]. Electric Vehicle Segment - The transaction volume of second-hand electric vehicles (EVs) reached 141,100 units in June 2025, marking a month-on-month increase of 16.7% and a year-on-year increase of 64% [6]. - The penetration rate of second-hand EVs has risen to 9.9% as of May 2025, up from 8% at the beginning of the year [6]. - The average retail price of second-hand EVs in the first half of 2025 was approximately 96,000 yuan, with popular models including Hongguang MINIEV, Model 3, and Model Y [6]. Price Dynamics - The average transaction price of second-hand EVs decreases significantly with age, with vehicles aged 1 year selling for 71% of the new car price, and those aged 5-6 years selling for only 31% [7]. - Concerns regarding battery performance are prevalent among consumers, particularly for lower-priced second-hand EVs [7]. Future Outlook - Industry experts express confidence in the second-hand car market for 2025, with a majority anticipating a transaction volume increase of up to 10% [4]. - The second-hand EV market is viewed as a significant growth area, although challenges such as low profit margins and market volatility remain [8].

Market Overview - In June 2025, the national used car market saw a transaction volume of 1.6575 million units, with a month-on-month increase of 3.34% and a year-on-year increase of 9.12%. The total transaction value reached 106.839 billion yuan [3] - From January to June 2025, the cumulative transaction volume of used cars was 9.5701 million units, representing a year-on-year growth of 1.99%, with a total transaction value of 623.238 billion yuan [3][13] Weekly Analysis - From July 21 to 27, 2025, the used car market maintained steady performance with an average daily transaction volume of 65,000 units, a month-on-month increase of 0.79% but a decrease of 1.9% compared to the same period in June [6] Segment Market Changes - In June 2025, the transaction volume of basic passenger cars was 922,700 units, with a month-on-month increase of 2.22% and a year-on-year increase of 5.80%. SUVs sold 216,200 units, with a month-on-month increase of 3.20% and a year-on-year increase of 4.96% [8] - Commercial vehicles also showed positive trends, with passenger cars selling 95,700 units (up 4.64% month-on-month) and cargo vehicles selling 146,500 units (up 4.67% month-on-month) [8] Vehicle Age Analysis - In June 2025, vehicles aged 3-6 years accounted for the largest share of transactions at 42.23%, a month-on-month increase of 0.15% but a year-on-year decrease of 2% [19] - For the first half of 2025, vehicles aged 3-6 years also dominated, accounting for 45.3% of transactions, a year-on-year decrease of 1.2 percentage points [20] Price Range Analysis - In June 2025, the largest market share was for vehicles priced below 30,000 yuan, accounting for 31.2%, a month-on-month decrease of 1.2 percentage points. Conversely, the share of vehicles priced between 80,000 and 150,000 yuan increased [25] - The average transaction price for used cars in June was 64,500 yuan, showing a slight increase from May and the same period last year [28] Regional Performance - In June 2025, the East China region had a transaction volume of 471,900 units, up 3.03% month-on-month. The South Central region followed closely with 452,500 units, up 2.99% month-on-month [26] - The Southwest region was the only area to see a decline, with a transaction volume of 250,600 units, down 0.63% month-on-month [26] New Energy Vehicle Market - In June 2025, the national transaction volume of used new energy vehicles reached 141,100 units, a month-on-month increase of 16.7% and a year-on-year increase of 64% [32] - From January to June 2025, the cumulative transaction volume of new energy vehicles was 686,500 units, a year-on-year increase of 35.5% [32] Used Car Circulation Analysis - The transfer rate of used cars in June was 29.52%, a month-on-month decrease of 0.22 percentage points but a year-on-year increase of 1.1 percentage points. The total transfer volume was 489,200 units, up 2.58% month-on-month [44] Dealer Insights - In June 2025, the top five provinces for transfer rates were Beijing (34.38%), Zhejiang (31.86%), Hebei (31.56%), Guangdong (31.56%), and Shanghai (30.69%) [51]

Core Insights - The used car market in China is showing signs of stabilization and positive growth, with transaction volume increasing nearly 10% compared to the same period last year [2] - The stable new car market has positively influenced consumer expectations for used car prices, leading to a more rational approach to purchasing [2] - The release of pent-up demand during the May holiday contributed to a significant increase in market activity in June [2] Used Car Market Performance - In June 2025, the total transaction volume for used cars reached 1.6575 million units, representing a month-on-month increase of 3.34% [3] - The breakdown of transactions includes basic passenger cars at 922,700 units (up 2.22% month-on-month, 5.80% year-on-year), SUVs at 216,200 units (up 3.20% month-on-month, 4.96% year-on-year), and MPVs at 109,700 units (up 5.19% month-on-month, 15.27% year-on-year) [3] Commercial Vehicle Trends - In June, the transaction volume for commercial vehicles included 95,700 buses (up 4.64% month-on-month, 12.69% year-on-year) and 146,500 trucks (up 4.67% month-on-month, 17.17% year-on-year) [4] Market Segmentation - The MPV and crossover passenger vehicle segments performed well in the first half of the year, while traditional sedan demand has decreased compared to the same period last year [5] - The majority of used car transactions (45.3%) involved vehicles aged 3-6 years, with a slight decrease in older models [5] Price Distribution - In June, the average transaction price for used cars was 64,500 yuan, showing a slight increase from May and the same month last year [8] - The largest market share was for vehicles priced below 30,000 yuan, accounting for 31.2% of transactions, although this segment saw a decrease of 1.2 percentage points [6] New Energy Vehicle (NEV) Market - In June 2025, the transaction volume for used NEVs reached 141,100 units, marking a 16.7% increase month-on-month and a 64% increase year-on-year [10] - For the first half of 2025, a total of 686,500 used NEVs were sold, reflecting a 35.5% increase compared to the same period in 2024 [11] Regional Performance - The used car transaction volume showed a recovery trend across most regions in June, with only the Southwest region experiencing a decline [7] - The transfer rate of used cars was 29.52%, with a total of 489,200 units transferred, indicating a year-on-year increase of 13.32% [16]

Core Insights - The automotive consumption potential in China has been significantly released this year due to the implementation of consumption-boosting policies, particularly in the new energy vehicle (NEV) sector [1][2] - The retail sales of NEVs reached 5.468 million units in the first half of 2025, marking a year-on-year growth of 33.3%, with a retail penetration rate of 53.3% for NEVs in the overall passenger vehicle market [1] - The penetration rate of used NEVs has also increased, rising from 8% at the beginning of the year to 9.9% by May 2025, indicating a growing market for second-hand NEVs [1] Industry Trends - The report from Guazi indicates that domestic brands dominate the used car market, accounting for 83% of total transactions, followed by American brands at 11% and German brands at 4% [1] - The top three provinces for used NEV buyers are Guangdong, Jiangsu, and Zhejiang, highlighting the trend that more economically developed regions have a higher proportion of used car transactions [2] - The three main technology routes for NEVs currently are pure electric, plug-in hybrid, and range-extended vehicles, with pure electric vehicles making up nearly 75% of used NEV retail volume [2] Market Dynamics - Policies such as the cancellation of migration restrictions and optimization of transaction registration management are facilitating more efficient circulation of used cars, particularly NEVs [2] - The national transfer rate of used cars reached a historical high of 30% in the second quarter of 2025, with nearly 70% of used NEVs being traded across provinces [2]

Core Insights - The automotive consumption potential, particularly in the used car market, has been significantly released since 2025 due to consumption-boosting policies and the impact of "new energy" vehicle consumption trends [1][3] Group 1: Market Trends - The retail sales of new energy vehicles (NEVs) reached 5.468 million units in the first half of 2025, marking a year-on-year growth of 33.3%, with the penetration rate of NEVs in the domestic passenger car market exceeding 53.3% for four consecutive months [1] - The used car market is experiencing a "dumbbell" consumption structure, with passenger cars dominating transactions; in the first half of 2025, sedans, SUVs, and MPVs accounted for 58%, 39%, and 2% of NEV transactions, respectively [4] - The average retail price of NEVs in the used car market was approximately 96,000 yuan, with significant demand for models priced between 80,000 and 150,000 yuan [4] Group 2: Consumer Preferences - The top three provinces for NEV used car purchases are Guangdong, Jiangsu, and Zhejiang, indicating that economically developed regions are leading in used car consumption [3] - The most popular models in the NEV used car market include Hongguang MINIEV, Model 3, and Model Y, with average transaction prices of over 20,000 yuan, 130,000 yuan, and 170,000 yuan, respectively [4][5] Group 3: Challenges and Solutions - The used NEV market faces challenges such as price transparency and battery condition assessment; Guazi used car platform is addressing these issues by offering extensive vehicle sources and a transparent pricing model [2][8] - Guazi has introduced a "100-day battery buyback guarantee" for NEVs sold on its platform, ensuring that if battery degradation exceeds 10% within 100 days or 5,000 kilometers, the vehicle will be repurchased at the original price [9] Group 4: Brand Performance - Domestic brands dominate the NEV market, with 8 out of the top 10 high resale value models being from Chinese manufacturers; Xiaomi Auto leads with a resale rate exceeding 90% [11] - The resale value of NEVs aged 2-3 years remains above 50%, with Porsche leading at 63% [11] Group 5: Industry Recommendations - The industry is urged to enhance product competitiveness and brand resale value through improvements in quality, technology, and after-sales service, which will foster consumer confidence and promote healthy market development [12]

Core Insights - Guazi used data from the first half of 2025 to release a report on the consumption trends of used new energy vehicles, highlighting significant market dynamics and consumer preferences [1][2] Group 1: Market Overview - The largest sources of used new energy vehicles are from Guangdong, Jiangsu, and Shandong, with Guangdong contributing over 16% of the total supply [1] - Passenger cars dominate the used car market, with sedans, SUVs, and MPVs accounting for 58%, 39%, and 2% of transactions respectively [1] - The average retail price of used new energy vehicles in the first half of 2025 was approximately 96,000 yuan [1] Group 2: Consumer Preferences - Price and vehicle type are critical factors for consumers when purchasing used cars, with a notable increase in the transaction share of vehicles priced between 80,000 and 150,000 yuan [1] - The most popular used new energy vehicle models were Hongguang MINIEV, Model 3, and Model Y, with average transaction prices of over 20,000 yuan, 130,000 yuan, and 170,000 yuan respectively [1] Group 3: Vehicle Age and Condition - The average age of used new energy vehicles sold was less than 27 months, with 71% being under 3 years old, indicating a trend towards lower-aged vehicles [2] - Over 50% of the vehicles sold were less than 2 years old, significantly higher than the national average of 33% [2] - Only 4% of the vehicles sold were over 6 years old, compared to the national average of 14.7% [2] Group 4: Technology and Model Popularity - The three main technology routes for new energy vehicles are pure electric, plug-in hybrid, and range-extended, with pure electric vehicles making up nearly 75% of retail sales [2] - The most popular models in the pure electric category were dominated by Tesla and Wuling, while BYD led in the plug-in hybrid segment [2]

Group 1 - The Ministry of Commerce has announced the organization of the 2025 New Energy Vehicle (NEV) Consumption Season, running from July to December, with a focus on expanding the second-hand NEV market through optimized transaction processes and improved after-sales services [1] - China's NEV production and sales have ranked first globally for ten consecutive years, with a significant increase in the second-hand NEV market penetration rate from 3.6% at the end of 2022 to 9.1% by April 2025 [1] - From January to April this year, 424,400 second-hand NEVs were traded nationwide, representing a 32.3% increase compared to the same period in 2024, significantly outpacing the growth of fuel-powered second-hand vehicles [1] Group 2 - The primary consumer demographic for second-hand NEVs consists of individuals born in the 1980s, 1990s, and even 2000s, who are more open to new experiences and prioritize driving experience and cost-effectiveness [2] - Challenges in the second-hand NEV market include a lack of standardized testing and certification for batteries and electric systems, as well as issues with warranty rights for subsequent owners [2] - Initiatives such as a "100-day battery buyback guarantee" from leading second-hand car platforms aim to enhance consumer confidence and address concerns regarding the purchase of second-hand NEVs [2]

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]