Xiaomi car order transfer market cools down as premiums turn to discounts
The once-booming market for Xiaomi car order transfers has recently experienced a downturn. Orders that commanded premiums of over 10,000 yuan (1,400 USD) just months ago are now being sold at substantial discounts.
According to market research done by Chinese media outlet Lanjinger, the buyback price for Xiaomi SU7 orders has dropped to around 1,500 yuan (210 USD), while YU7 orders are only fetching between 2,000 and 3,000 yuan (280 and 420 USD). This represents a loss of approximately 3,000 yuan (420 USD) for early buyers who paid 5,000 yuan (700 USD) deposits.
The dramatic shift comes just months after Xiaomi’s remarkable achievement in June, when its YU7 model secured 200,000 orders in three minutes and 240,000 orders within 18 hours of launch. During the peak period, order transfers were commanding premiums ranging from 3,000 to 20,000 yuan (420 to 2,800 USD) on secondary markets.
“Two months ago, people were willing to pay a 10,000 yuan (1,400 USD) premium. Now, even with a 3,000 yuan (420 USD) discount, there are no takers,” multiple car dealers reported to our correspondent.
Market analysts quoted by Lanjinger attribute the cooling to several factors:
- Supply-demand imbalance: Many initial orders were speculative, leading to an oversupply in the transfer market.
- Delivery timeline: The YU7’s standard version currently has a waiting period of up to 48 weeks.
- Recent events: The Chengdu accident has impacted market sentiment.
Despite the declining transfer market, the used Xiaomi car market remains relatively stable. Nearly-new YU7 models with less than 100 km mileage are still trading at approximately 10,000 yuan (1,400 USD) above the new car price, though this premium has decreased from earlier levels.
Xiaomi’s overall market performance remains strong, with September sales reaching 41,948 units, ranking second among new energy vehicle brands. The company has expanded its presence to 402 stores across 119 cities in China, demonstrating continued growth despite recent market adjustments.
