Core Insights - The current state of the second-hand new energy vehicle market in China reflects a significant lack of consumer confidence, primarily due to concerns over battery degradation, rapid technological iterations, and the absence of a robust certification system [1][2] Group 1: Market Overview - In April 2023, the penetration rate of second-hand new energy vehicles was only 8.8%, while the penetration rate for new energy new cars was 47.34%, indicating a stark contrast in consumer interest [1] - The government aims for a 45% increase in second-hand vehicle transactions by 2027 compared to 2023, with new energy vehicles playing a crucial role in this growth [2] Group 2: Trust and Confidence Issues - The low performance of the second-hand new energy vehicle market is fundamentally a reflection of a lack of trust, necessitating the establishment of a comprehensive trust chain covering the entire vehicle lifecycle [2][3] - The need for a national-level data platform for second-hand new energy vehicles is critical to ensure transparency and traceability of vehicle information, including battery health and maintenance history [3] Group 3: Innovations and Solutions - Innovative insurance products, such as "battery degradation insurance," are emerging as key drivers to alleviate consumer concerns and enhance market engagement [3] - The "separation of vehicle and battery" model is being adopted, allowing for specialized battery asset management, which can significantly reduce consumer purchase costs and shift the focus of second-hand vehicle valuation back to the vehicle itself [3][4] Group 4: Technological Advancements - Rapid advancements in battery technology are changing market dynamics, allowing older models to regain market value through battery upgrades, thus altering traditional valuation methods [4] - The healthy development of the second-hand new energy vehicle market is essential for the transformation of the automotive industry and the realization of green consumption principles [4]

Market Overview - In April 2025, the national used car market saw a transaction volume of 1.7013 million units, a month-on-month decrease of 3.05% and a year-on-year increase of 1.33%, with a transaction value of 110.221 billion yuan [3] - From January to April 2025, the cumulative transaction volume reached 6.3086 million units, a year-on-year increase of 0.47%, with a total transaction value of 413.437 billion yuan [3] Weekly Analysis - From May 19 to 25, 2025, the average daily transaction volume of used cars was 64,800 units, showing a month-on-month decline of 1.56% and a year-on-year decrease of 1.6% compared to April [6] - The total transaction volume from May 1 to 25 was 1.2036 million units, down 8.0% from the same period in April [6] Segment Market Changes - In April 2025, the transaction volume for basic passenger cars was 959,700 units, down 4.32% month-on-month and down 1.63% year-on-year; SUVs sold 225,500 units, down 3.24% month-on-month but up 0.94% year-on-year; MPVs sold 110,700 units, down 2.52% month-on-month but up 5.45% year-on-year [8] - Commercial vehicles saw 93,700 passenger cars sold, down 4.96% month-on-month and down 0.22% year-on-year; while 147,600 cargo vehicles sold, up 2.53% month-on-month and up 7.41% year-on-year [8] Vehicle Age Analysis - In April 2025, vehicles aged 3-6 years accounted for 43.81% of transactions, down 1.89% month-on-month and down 0.17% year-on-year; vehicles under 3 years accounted for 26.96%, down 0.63% month-on-month but up 1.97% year-on-year [17] - The share of vehicles over 10 years old increased to 11.58%, up 0.88% month-on-month and up 0.46% year-on-year [17] Price Range Analysis - In April 2025, the largest share of used car transactions was for vehicles priced below 30,000 yuan, accounting for 32.8%, up 0.4 percentage points month-on-month; vehicles priced between 30,000 and 50,000 yuan accounted for 27%, up 0.3 percentage points [23] - The share of mid to high-priced vehicles showed a downward trend, indicating a shift towards lower-priced vehicles [23] Regional Performance - In April 2025, the used car transaction volume showed a slight decline nationwide, with only the Southwest and Northwest regions experiencing growth; the East China, Central South, North China, and Northeast regions all saw varying degrees of decline [24] - East China recorded a transaction volume of 483,800 units, down 5.31% month-on-month, while Central South saw 466,000 units, down 2.4% month-on-month [24] New Energy Vehicle Market - In April 2025, the national transaction volume of used new energy vehicles reached 117,800 units, a month-on-month increase of 0.6% and a year-on-year increase of 32.3% [29] - From January to April 2025, the cumulative transaction volume of new energy vehicles was 424,400 units, up 32.3% compared to the same period in 2024 [29] Transfer Rate Analysis - In April 2025, the transfer rate of used cars was 30.05%, up 0.54% month-on-month and up 1.13% year-on-year, with a total transfer volume of 511,300 units, down 1.28% month-on-month but up 5.28% year-on-year [42] - The top five provinces for transfer rates were Beijing, Zhejiang, Guangdong, Hebei, and Shanghai, with Beijing leading at 35.94% [49]

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]

Market Overview - In February 2025, the national used car market saw a transaction volume of 1.3912 million units, a month-on-month decrease of 4.79% but a year-on-year increase of 15.78%, with a transaction value of 89.858 billion yuan [3] - From January to February 2025, the cumulative transaction volume was 2.8525 million units, a year-on-year decrease of 1.3%, with a cumulative transaction value of 186.221 billion yuan [3][12] Segment Analysis - In February 2025, the transaction volume for basic passenger cars was 804,700 units, down 4.12% month-on-month but up 13.99% year-on-year; SUVs sold 185,900 units, down 5.77% month-on-month but up 13.98% year-on-year; MPVs sold 91,100 units, down 4.87% month-on-month but up 20.84% year-on-year [8] - The average transaction price of used cars in February 2025 was 64,600 yuan, a decrease of 1400 yuan from January and a decrease of 500 yuan from the same period last year [26] Price Range Analysis - In February 2025, the largest market share was for vehicles priced below 30,000 yuan, accounting for 33%, with a month-on-month increase of 2.1 percentage points; vehicles priced between 30,000 and 50,000 yuan accounted for 27.1%, with a month-on-month increase of 1.7 percentage points [23] Regional Analysis - In February 2025, the transaction volume in the North China and Northeast regions increased month-on-month, while other regions saw declines, with the Central South and Southwest regions experiencing the largest decreases [24] New Energy Vehicle Market - In February 2025, the national transaction volume of used new energy vehicles was 98,600 units, an increase of 8.6% month-on-month and 52.4% year-on-year; from January to February 2025, the cumulative transaction volume was 189,400 units, a year-on-year increase of 22.9% [30] Vehicle Age Analysis - In February 2025, vehicles aged 3-6 years accounted for the largest share of transactions at 47.96%, a month-on-month decrease of 2.78% but a year-on-year increase of 0.64% [17] Dealer Insights - In February 2025, the top five provinces by transfer rate were Beijing, Zhejiang, Hebei, Guangdong, and Shanghai, with Beijing's transfer rate at 36.3%, a month-on-month decrease of 0.9% [49]