Core Insights - The used car market in China is facing significant operational pressures, with the loss ratio for used car dealers rising to 73.6% in the first half of 2025 [1] - Although the transaction volume of used cars has increased, the average transaction price has decreased by 12.3%, from 61,180 yuan in 2024 to 53,673 yuan in 2025 [1] - New energy vehicles (NEVs) accounted for 36.7% of total vehicle sales in China, but only 5.3% of used car transactions, indicating a disparity in market penetration [1] Summary by Sections Used Car Market Performance - The used car transaction volume has shown growth, but the average price has declined significantly, indicating a "volume up, price down" trend [1] - The average resale value of NEVs is lower than that of traditional fuel vehicles, with a three-year depreciation rate of 43% for NEVs compared to 62% for fuel vehicles [1] New Energy Vehicle Trends - The transaction volume of used NEVs reached 687,000 units in the first half of 2025, marking a year-on-year growth of 35.5%, which is significantly higher than the overall market growth [2] - There is an increasing customer interest in used NEVs, driven by their price advantages compared to new models [2] Market Challenges - The ongoing "price war" in the new car market has adversely affected used car dealers, leading to decreased retail purchase volumes and lower customer satisfaction [2] - The used car industry is entering a phase of adjustment, facing issues such as inconsistent inspection standards and severe inventory backlog [3] - The market is expected to shift towards a "low margin, high turnover" model starting in 2025, with new profit opportunities arising from financial and insurance services [3] Industry Resilience - Despite high loss ratios and inventory challenges, the industry shows resilience supported by favorable factors such as the "trade-in" policy, which enhances the supply of quality used cars [3] - NEVs are becoming a core growth engine for the industry, benefiting from policy support and evolving consumer demand [3]

Group 1 - The used car market in China saw a transaction volume of 9.57 million units in the first half of the year, representing a year-on-year growth of 1.99%. The total annual transaction volume is expected to reach 20.5 million units, with a projected growth rate of 4%-5% [1] - Despite the increase in transaction volume, the average transaction price for used cars decreased by 12.3% year-on-year, indicating a trend of rising volume but falling prices [1] - The proportion of used car dealers facing losses increased to 73.6% in the first half of the year, highlighting the challenging operating environment for businesses in the sector [1] - The average inventory cycle for used cars extended to 43 days, with 35.6% of companies experiencing inventory cycles exceeding 30 days, indicating growing inventory pressure [1] - The average customer acquisition cost rose to 6,200 yuan, while the average profit per transaction was only 1,500 yuan, reflecting high costs and low margins in the market [1] - Intense competition exists in the market, with major used car platforms having similar business models, leading to price wars as the primary means of competition [1] Group 2 - In the first half of 2025, the proportion of new energy vehicles in the used car transaction market was only 5.3%, significantly lower than that of traditional fuel vehicles [2] - The low market share of new energy vehicles is attributed to their relatively small ownership compared to fuel vehicles and the fact that many are still new cars not yet entering the used market [2] - The average three-year residual value for new energy vehicles is only 43%, compared to 62% for fuel vehicles, indicating lower value retention [2] - Traditional used car platforms are inadequately prepared for the valuation, inspection, and after-sales service of new energy vehicles, contributing to the small market size [2] - Despite the challenges, the transaction volume of new energy used cars is showing a trend of rapid growth [2]

近年来，中国围绕促消费着力化解政策瓶颈，促进汽车流通，二手汽车市场迎来发展机遇。商务部鼓励创新二手车交易登记便利化措 施，探索建立线上交易管理制度，支持第三方二手车信息查询平台建设运营；北京以便利交易为目标，推进二手车交易合同和车辆档案电子 化；山西支持二手车企业做大做强，并给予符合条件的企业资金奖励，培育壮大经营主体。 新华社天津9月29日电 题：中国二手车市场激发消费新动能 新华社记者毛振华、宋瑞 随着国庆假期临近，长途跨省和自驾出行需求增多，中国汽车销量迎来小高潮，二手车也不例外。位于天津市红桥区大成广场的懂车帝 汽车商城二手车专营店近日开业，前来看车、试驾的消费者络绎不绝。"二手车主打性价比，节前看好了准备入手一辆新能源二手车，节日里 也可以熟悉熟悉。"天津市民孙彤说。 7月14日在山东枣庄二手车交易中心拍摄的待销售二手车（无人机照片）。新华社发（孙中喆摄） 中国汽车流通协会发布的统计数据显示，8月份，中国二手车交易量为170.74万辆，同比增长9.02%。今年1至8月，中国二手车累计交易量 1293.84万辆，与2024年同期相比增加了37.99万辆。今年全年二手车交易量有望突破2000万辆大关。 ...

Core Insights - The second-hand car industry in China is facing significant challenges in the first half of 2025, with a rising loss ratio among dealers reaching 73.6% [3] - The average inventory cycle for second-hand cars has extended to 43 days, indicating increased operational pressure on dealers [3] - The average customer acquisition cost for second-hand car platforms has surged to 6200 yuan, while the average profit per transaction is only around 1500 yuan [3] Industry Overview - The second-hand car market saw a transaction volume of 9.57 million units in the first half of 2025, a year-on-year increase of 1.99%, with a total transaction value of 623.24 billion yuan [4] - The average transaction price for second-hand cars dropped from 61,180 yuan in 2024 to 53,673 yuan, reflecting a decline of 12.3% [4] - The overall transaction volume for second-hand cars in 2025 is projected to reach approximately 20.5 million units, with a year-on-year growth rate expected to be between 4% and 5% [4] Electric Vehicle Segment - In the first half of 2025, electric vehicles accounted for 36.7% of total vehicle sales in China, but only 5.3% of second-hand car transactions, indicating a significant gap compared to new car sales [4] - The low resale value of electric vehicles, with a three-year depreciation rate of only 43% compared to 62% for fuel vehicles, contributes to their underrepresentation in the second-hand market [5] - Despite the challenges, the transaction volume of second-hand electric vehicles grew by 35.5% year-on-year, totaling 687,000 units [5] Dealer Challenges - New car dealers are also experiencing severe losses, with 52.6% reporting operational losses in the first half of 2025, and only 29.9% achieving profitability [5]

具体来看，当前二手车商库存仍普遍较高。2025年6月，二手车平均库存周期延长至43天，库存周期30 天以上的企业占比提升至35.6%，反映出车商经营压力仍在加大。其中，百强二手经销商也有部分企业 通过转型和优化运营取得了较好的成绩，毛利率可到6%~8%，周转天数控制在15~20天，从而提升了企 业盈利能力。 在今年上半年二手车交易中，新能源车占比仅为5.3%。 二手车商经营状况正面临着严峻的挑战，今年上半年逾七成二手车商亏损。 9月28日，根据中国汽车流通协会（下称"协会"）二手车事业部2025上半年进行的二手车企业营商环境 调研显示，上半年二手车经销商亏损比例上升至73.6%。 今年上半年，二手车市场交易量达到957.01万辆，同比增长1.99%，累计交易金额达6232.38亿元。从协 会监测数据来看，二手车交易规模有所增长，但均价却出现了下降，成交均价从2024年同期的61180元 降至53673元，跌幅达12.3%，呈现量升价降态势。 近两年来的新车价格战对二手车造成较大影响。自2022年下半年开始，燃油车和新能源车价格战此起彼 伏，多个品牌的产品售价大幅度下降，这导致部分车型甚至出现了新车的价格低于二 ...

Core Viewpoint - The Chinese used car market is poised to leverage its position as the largest new car consumer market to expand into global markets, particularly through long-distance used cars, which are increasingly seen as a viable option for international trade [2][3]. Group 1: Market Potential - In 2024, China's used car export volume has surpassed 400,000 units, covering over 160 countries and regions, indicating a significant opportunity for growth in the global market [2]. - Long-distance used cars are gaining traction due to their price competitiveness and suitability for emerging markets, which prioritize practical and cost-effective vehicles [3]. Group 2: Export Market Dynamics - The primary target markets for China's long-distance used cars are approximately 117 left-hand drive countries, mainly in Southeast Asia, the Middle East, Eastern Europe, Africa, and Latin America, with an annual import growth rate of around 6% from 2021 to 2024 [4]. - In Central Asia and Northern Asia, China's used cars have captured about half of the import market share, with an annual growth rate of 28% [4]. Group 3: Challenges in Exporting - The development of long-distance used cars faces challenges such as fragmented vehicle sources, high certification costs due to non-standard vehicle conditions, and inefficiencies in the distribution process [5][6]. - There is a significant gap in after-sales service for exported used cars, with complaints emerging regarding the lack of support for vehicles sold overseas [7][8]. Group 4: Strategic Initiatives - Companies like SAIC Volkswagen are exploring various models for used car business, including repurchase strategies to stabilize prices and enhance competitiveness in international markets [9]. - The industry anticipates that if domestic dealers and trade enterprises can effectively utilize specialized international trade strategies, the export share of long-distance used cars could rise from under 8% to 50% within the next decade, achieving an annual export target of 5 million units [10].

Core Viewpoint - The second-hand car market in China is experiencing growth, with significant potential for future development, particularly in the context of the rising popularity of electric vehicles [1][5]. Market Overview - In July 2025, the national second-hand car transaction volume reached 1.66 million units, a month-on-month increase of 0.2% and a year-on-year increase of 3% [1][5]. - From January to July 2025, the cumulative transaction volume was 11.23 million units, a year-on-year increase of 2%, while the transaction amount was 729.2 billion yuan, a slight decrease of 0.1% [1][5]. Industry Growth - The second-hand car market is recovering, with various local traffic management departments facilitating transactions and improving circulation [1][2]. - The market is still in a rapid growth phase compared to developed countries, indicating substantial future potential [1][5]. Transaction Structure - The transaction structure shows a growing preference for SUVs and MPVs, while the market for passenger cars is becoming more high-end [6][7]. - In July 2025, the proportion of cars aged 3-6 years accounted for 45% of transactions, indicating a trend towards newer second-hand vehicles [7][8]. Price Trends - The average transaction price of second-hand cars is trending towards mid-to-high-end models, with a notable increase in the proportion of cars priced between 80,000 to 150,000 yuan [13][17]. - The market for second-hand electric vehicles is also growing, with a significant increase in transaction volume and penetration rate [14][15]. Inventory and Turnover - The inventory pressure in the second-hand car market is gradually improving, with a notable decrease in the proportion of cars held for over 30 days [22]. - The turnover rate for second-hand cars has increased, reaching a historical high of 30.4% in Q3 2025 [19][20]. Future Outlook - The potential for growth in the second-hand car market remains strong, particularly with the ongoing development of electric vehicles and favorable government policies [1][18]. - The market is expected to continue evolving, with increasing consumer interest in newer, more efficient vehicles [24].

新能源车市场的价格战叠加技术成本下行，虽然让新车的保值属性大幅减弱，却意外为部分消费者打开 了二手市场的性价比"窗口"。 以车主王宇为例，他购入了一辆某造车新势力2024款主力畅销车型：该车为75度电池买断版本，还额外 选配了智能交互系统，购入时行驶里程仅1.2万公里，最终成交价格不足21万元。 而据了解，这款车型当初的新车落地价约为33万元。也就是说不到一年时间，二手车价较原价折让超12 万元，性价比拉满。 像这样的折价幅度，在当下并不少见。一位二手车商告诉Tech星球，现在新能源二手车常是"落地即八 折，三年剩四折"。 也正因如此，二手新能源车成了不少人的新选择：想尝鲜又怕多花钱的通勤族、需要家庭第二辆车的人 都把它当 "入门首选"，花更少的钱，就能享受到免购置税、用着省钱、绿牌的好处。 这份吸引力，也直接反映在交易数据上。中国汽车流通协会发布的最新统计数据显示，今年1月至6月， 全国新能源二手车交易量同比增长接近四成。其中6月全国新能源二手车卖了14.11 万辆，比去年同期上 涨64%。 在新能源二手车的产业链里，一手车主是最先被贬值"收割"的群体，而想要捡性价比的二手买家，也难 逃保障缺失的隐忧。 这 ...

Core Insights - The used car market in China is experiencing a recovery trend, with average weekly transaction volume reaching 64,700 units from August 11 to 17, showing a slight week-on-week decrease of 0.87% but a year-on-year increase of 1.4% compared to July [1] - Cumulative transaction volume since August 1 has reached 870,000 units, with expectations for the total monthly volume to rise to 1.7 million units, reflecting a month-on-month growth of 2.4% [1] - The market is showing signs of price stabilization and recovery, particularly in the 200,000 to 300,000 yuan price range, where transaction volume and average prices have increased by approximately 3,000 yuan [1] - The demand for used cars is being driven by strong performance in the new energy vehicle segment, which saw a transaction volume of 686,500 units in the first half of the year, a year-on-year increase of 35%, accounting for 9.07% of total used passenger car transactions [1] Weekly Transaction Trends - Overall used car transaction volume showed a slight decline this week, with regions such as North China, East China, and Southwest experiencing varying degrees of decrease, while Northeast, Northwest, and Central South regions saw small increases [4] - East China reported an average daily transaction volume of 22,400 units, down 3.27% week-on-week, with significant declines in cities like Nanchang and Wenzhou [6] - North China had an average daily transaction volume of 2,500 units, decreasing by 2.61%, with notable drops in Tianjin exceeding 20% [6] Regional Analysis - Northeast region's average daily transaction volume was 2,400 units, showing a week-on-week increase of 1.74%, with cities like Dalian experiencing a significant rise of 10% [8] - Southwest region's average daily transaction volume was 11,900 units, down 3.20%, with cities like Lhasa and Guiyang showing notable declines [7] - Central South region's average daily transaction volume was 24,300 units, up 2.35%, with East Dongguan's transaction volume growth exceeding 25% [7]

Core Viewpoint - The second-hand car market in China is showing signs of recovery, with daily transaction volumes reaching a peak since June, indicating a stabilization and upward trend in the market [1] Market Performance - From August 4 to 10, 2025, the average daily transaction volume in the second-hand car market was 65,300 units, reflecting a month-on-month increase of 2.1% and a year-on-year increase of 1.4% [1] - 32.6% of car dealers reported improved offline customer traffic, and over 35% of businesses experienced weekly growth in transaction volumes [1] - There is a notable increase in dealer inventory levels in preparation for the "Golden September" sales season [1] Pricing Trends - 60% of companies maintained stable end prices, while 19% reported slight increases in terminal selling prices, indicating a positive trend towards market recovery [1] Policy Environment - 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 innovative subsidy forms [1] - These policy incentives are expected to further boost the growth rate of the second-hand car market in August [1] Segment Analysis - The market for second-hand new energy vehicles is performing well, significantly reducing the purchase and usage costs for ordinary consumers [1] - From January to June 2025, the transaction volume of second-hand new energy vehicles reached 686,500 units, a year-on-year increase of 35%, accounting for 9.07% of the total second-hand passenger car transactions [1]