2025.09. 28 本文字数：1430，阅读时长大约2分钟 作者 | 第一财经 武子晔 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手车的收购 价，二手车商盈利较难、出现亏损。 协会发布的报告显示，今年上半年，新车价格竞争持续激烈，严重影响二手车企业经营，同时也导致 零售购买量下降，满意度相对较低。二手车企业经营情况整体较为严峻，面临着诸多挑战。除了企业 亏损比例较高，还面临库存压力增大、获客成本高企 ...

Core Viewpoint - The second-hand car market is experiencing significant challenges, including rising customer acquisition costs, declining vehicle resale values, and a shift in consumer preferences towards new cars, particularly in the context of the increasing competition from new energy vehicles [3][4][16]. Summary by Sections Market Dynamics - The second-hand car market is characterized by a mix of trading entities and a chaotic trading environment, leading to a significant reshuffle among dealers [4][13]. - The depreciation of second-hand cars has become pronounced, with many vehicles losing substantial value shortly after purchase, often dropping to around 80% of their original price [6][7]. Valuation Trends - A report from the China Automobile Circulation Association indicates that most pure electric vehicles have a one-year depreciation rate below 80%, with many models around 70% [6]. - Specific models, such as the BYD Han, have seen drastic price drops, with some vehicles losing over 50% of their value within two years [6][7]. Brand-Specific Insights - Different brands exhibit varying resale values, with NIO's rental battery models experiencing particularly low demand and high depreciation [7][8]. - Tesla stands out in the second-hand market due to its relatively stable resale value and strong demand, especially in regions like Shanghai [8][9]. Market Challenges - The second-hand car market is facing a decline in sales due to several factors, including the competitive pricing of new cars, increased consumer awareness, and rising operational costs for dealers [16][17]. - Many dealers are struggling with low profit margins, with nearly 90% of dealers reporting a gross margin below 6% [15][17]. Industry Restructuring - The industry is undergoing a significant restructuring, with many small dealers exiting the market and a trend towards specialization in specific brands to mitigate risks [14][17]. - The current market environment has led to a focus on professionalization, with successful dealers adopting refined operational strategies to navigate the challenges [17].

Core Insights - The second-hand car market is facing increasing customer acquisition costs and declining profitability, leading to widespread losses among dealers [1][10] - The myth of high resale value for second-hand cars has been shattered due to changes in the new car market, particularly with aggressive pricing from new energy vehicles (NEVs) [1][2] - The market is experiencing a significant reshuffle, with many dealers exiting and only a few managing to remain profitable [10][12] Market Dynamics - The resale value of second-hand cars is closely linked to new car prices and depreciation rates, with many popular models now seeing lower resale values [1][2] - A report indicates that most pure electric vehicles have a one-year resale value below 80%, with many models around 70% [2] - The depreciation of certain models, such as the BYD Han, can exceed 50% within two years, highlighting the volatility in the market [2] Brand-Specific Insights - Different brands exhibit varying resale values, with NIO's rental electric vehicles showing particularly low resale values due to weak market demand [3][4] - Tesla stands out in the second-hand market with relatively stable prices and high demand, leading to quicker vehicle turnover for dealers [4][5] - The Xiaomi SU7 has experienced significant price drops due to market oversupply, demonstrating the cyclical nature of the second-hand market [5][10] Transaction Challenges - The second-hand car market is characterized by a lack of standardization, leading to a "one car, one condition, one price" approach, complicating transactions [6][8] - Many dealers do not provide after-sales support, relying on official warranties, which further complicates consumer trust [8][9] - The introduction of third-party inspection services, like "Check Doctor," aims to improve transparency regarding vehicle conditions, particularly for battery health [7][9] Industry Restructuring - The second-hand car industry has been undergoing a significant restructuring since 2020, exacerbated by economic fluctuations and changes in the automotive market [10][11] - A report indicates that nearly 90% of second-hand car dealers have a gross profit margin below 6%, with many facing operational losses [10][12] - The market is shifting towards specialization, with successful dealers focusing on one or two brands to better understand pricing dynamics and reduce risks [12]

Core Insights - The second-hand car market is facing increasing customer acquisition costs and declining profitability, with many dealers reporting losses due to a combination of factors including market saturation and fierce competition from new energy vehicles [1][10][11] - The myth of high resale value for second-hand cars has been shattered, particularly for new energy vehicles, as their depreciation rates have surged due to aggressive pricing strategies in the new car market [1][2][10] Market Dynamics - The second-hand car market is experiencing a significant shift, with the resale value of many models, especially electric vehicles, dropping sharply. For instance, many one-year-old electric models have a resale value below 80%, and three-year-old models often fall below 50% [2][3] - The market is characterized by a lack of standardization and transparency, leading to a "one car, one condition, one price" approach, which complicates transactions for consumers who may not fully understand the nuances of electric vehicle battery health [6][8] Brand Performance - Different brands exhibit varying resale values, with NIO's rental electric models showing particularly low resale values due to weak market demand and complex rental agreements that deter potential buyers [3][4] - Tesla stands out in the second-hand market with relatively stable prices and high demand, attributed to its strong brand presence and consumer confidence [4][5] Dealer Challenges - The second-hand car dealer landscape is undergoing a significant shake-up, with many small dealers exiting the market due to sustained losses. Reports indicate that nearly 90% of dealers have a gross profit margin below 6% [10][12] - Dealers face increased operational costs as they adapt to digital marketing strategies and customer engagement methods, which further compresses their profit margins [11][12] Consumer Behavior - Consumer preferences are shifting, with many potential buyers opting for new cars due to better marketing and pricing strategies, which has led to a decline in second-hand car sales [11][12] - The rise of information accessibility has empowered consumers, allowing them to make more informed decisions, thereby increasing their bargaining power in negotiations [11][12]

Core Viewpoint - The second-hand car market is experiencing significant challenges, including declining car values, increased competition, and a shift in consumer behavior towards new cars, particularly in the context of the rising popularity of electric vehicles [1][10][11]. Group 1: Market Dynamics - The second-hand car market is characterized by a mix of players and a lack of standardized trading practices, leading to a chaotic environment [1][6]. - The depreciation of second-hand cars, especially electric vehicles, has become pronounced, with many models losing substantial value shortly after purchase [2][4]. - The market for second-hand electric vehicles is particularly volatile, with brands like NIO experiencing significant drops in resale value due to low demand and complex ownership structures [3][10]. Group 2: Consumer Behavior - Consumers are increasingly cautious, with many opting for new cars due to aggressive pricing and marketing strategies, which diverts potential buyers from the second-hand market [11][12]. - The rise of online platforms has empowered consumers with better access to information, enhancing their bargaining power and reducing the margins for dealers [11][12]. Group 3: Dealer Challenges - Many second-hand car dealers are facing financial difficulties, with a significant portion operating at a loss, leading to a wave of market exits [10][12]. - The cost of customer acquisition has risen sharply, as dealers now rely on digital marketing and social media to attract buyers, which adds to their operational costs [11][12]. - The market is undergoing a consolidation phase, with successful dealers focusing on specialization and brand-specific strategies to mitigate risks [12]. Group 4: Valuation Trends - The depreciation rates for electric vehicles are alarming, with many models seeing values drop to around 50% after three years [2][3]. - Specific models, such as the BYD Han, have been reported to lose over 50% of their value within two years, highlighting the volatility in the second-hand electric vehicle market [2][4]. - The overall profitability of second-hand car dealers is under pressure, with many reporting margins below 6%, and a significant number operating with margins of 4% or less [10][11]. Group 5: Industry Responses - Major companies, such as CATL, are entering the second-hand electric vehicle market, offering buyback guarantees and comprehensive inspection services to enhance consumer confidence [9]. - The introduction of third-party inspection services is becoming more common, helping to address concerns about vehicle condition and battery health, which are critical for electric vehicles [7][9].

Core Insights - The second-hand car market is experiencing significant challenges, including high customer acquisition costs, low profitability, and a decline in vehicle resale values, particularly for electric vehicles [1][2][10] - The depreciation of second-hand cars has become pronounced, with many vehicles losing substantial value shortly after purchase, often dropping to around 80% of their original price [2][3] - The market is undergoing a reshuffle, with many small dealers exiting and a trend towards specialization among remaining dealers [10][12] Group 1: Market Dynamics - The second-hand car market is characterized by a mix of players and a lack of standardized processes, leading to a "one car, one condition, one price" approach [6][8] - The resale value of second-hand electric vehicles is notably low, with many models depreciating significantly within the first few years [2][3] - The demand for certain brands, such as Tesla, remains strong, leading to more stable resale prices compared to other brands like NIO, which face lower demand [4][3] Group 2: Dealer Challenges - Many second-hand car dealers are facing losses, with a significant portion of them reporting low profit margins, often below 6% [10][12] - The increase in consumer access to information has shifted bargaining power towards buyers, making it harder for dealers to maintain profit margins [11] - The operational costs for dealers have risen due to the need for online marketing and customer engagement, further squeezing their profitability [11][12] Group 3: Future Outlook - The second-hand car market is expected to continue evolving, with a trend towards specialization as dealers focus on specific brands to better understand market dynamics and reduce risks [12] - Major companies, such as CATL, are entering the second-hand electric vehicle market, offering guarantees and comprehensive inspection services to enhance consumer confidence [9]