Second-hand new energy vehicles (NEVs) have become the fastest-growing segment in China’s used car market in 2024 so far, according to the China Automobile Dealers Association (CADA). From January to September this year, a total of 789,800 used NEVs were sold nationwide, a year-on-year increase of 54%. The transaction volume of used NEVs is expected to exceed one million units for the first time by the end of 2024.
The “2024 Third Quarter Used Car Online Transaction Data Report” released by Tiantian Paiche, a Chinese online used-car trading platform intended to connect individual buyers with dealers, showed that in the third quarter, 68.2% of the platform’s used NEVs were three years old or younger, and the average transaction age was 3.8 years. The average transaction price of used NEVs was 78,200 yuan (10,900 USD), while the average transaction price of used gasoline-powered vehicles in the same period was 54,300 yuan (7,600 USD), and the average transaction price of used cars was 57,100 yuan (8,000 USD).
The Chinese second-hand car market aims to sell 20 million used vehicles this year. From January to September 2024, the cumulative transaction volume of used cars was 14.2168 million units, a year-on-year increase of 5.37%, an increase of 725,000 units compared with the same period last year, and the cumulative transaction amount was 939.232 billion yuan (130 billion USD). More specifically, the cumulative transaction volume of used passenger cars was 11.3714 million units, a year-on-year increase of 5.06%. Among them, the transaction volume of SUVs was 1.9097 million units, a year-on-year increase of 10.26%; the transaction volume of MPVs was 901,900 units, a year-on-year increase of 9.20%.
Furthermore, looking at September, transactions of used cars with a use age of three to six years accounted for the largest proportion, accounting for 48.64%, a month-on-month increase of 1.12% and a year-on-year increase of 2.65%. Models with a use age of less than three years accounted for 24.99%, a month-on-month decrease of 1.07% and a year-on-year decrease of 3.63%. Models with a use age of seven to 10 years accounted for 17.42%, a month-on-month decrease of 0.49% and a year-on-year decrease of 0.89%. Lastly, models with a use age of more than 10 years accounted for 8.95%, a month-on-month increase of 0.44% and a year-on-year increase of 1.87%.
In terms of regional used car exports, from January to June this year, Zhejiang Province exported 38,286 used cars, an increase of 161.5%, and the export value was 753.375 million USD, an increase of 155.7%, ranking first in China.
