燃油二手车

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新车“价格战”波及二级市场 上半年超七成二手车商亏损
Bei Jing Shang Bao· 2025-09-29 15:41
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]
二手油车不太好卖,合资车高保值神话被打破
创业邦· 2025-08-11 03:14
Core Viewpoint - The automotive industry is undergoing a significant transformation as traditional fuel vehicles face increasing competition from electric vehicles (EVs), leading to a decline in the market share and resale value of fuel vehicles [4][5][10]. Market Trends - In July, the retail penetration rate of new energy vehicles (NEVs) in China's passenger car market reached 54.0%, a year-on-year increase of 2.7 percentage points. Cumulatively, 6.455 million NEVs were sold in the first seven months of the year, representing a 29.5% year-on-year growth [4][16]. - The second-hand fuel vehicle market is experiencing downward pressure on prices, with average inventory cycles extending to 43 days and 35.6% of businesses facing cycles over 30 days, indicating increased operational pressure [5][21]. Resale Value Decline - The resale value of previously high-value brands like Toyota and Honda is declining, with the three-year resale value for Toyota dropping to 56.6% from 83.24% in 2021, and Honda to 57% from 78.19% [10][13]. - Specific examples include a two-year-old Toyota Camry priced at 12.96 million yuan, reflecting a 65% resale value, down from higher values in previous years [6][8]. Shift to New Energy Vehicles - The second-hand market for NEVs is growing, with penetration rates rising from 8% to 9.9% in recent months, indicating a shift in consumer preference [16][18]. - Some second-hand car dealers are increasingly focusing on selling NEVs to compensate for the declining profits and sales of fuel vehicles [5][20]. Consumer Behavior - Consumers are showing a preference for NEVs, with many second-hand car dealers reporting that the inventory of NEVs is now greater than that of fuel vehicles [18][20]. - Despite the growth of NEVs, fuel vehicles still maintain a significant market presence, with many consumers still willing to purchase them if priced competitively [21].