China’s Used Car Transaction Volume Reaches 18.4 Million in 2023

Home » China’s Used Car Transaction Volume Reaches 18.4 Million in 2023

Recently, data from the China Automobile Dealers Association showed that the average daily transaction volume of the second-hand car market in the first week of December was 60,600 units, an increase of 0.39% compared to the previous week and an increase of 3.9% compared to the same period in November.

The Circulation Association predicts that the transaction volume in December will still be around 1.65 million vehicles, and the annual transaction volume is expected to be around 18.4 million vehicles.

2023 Weekly Trading Status

The Circulation Association pointed out that as the end of the year approaches, it is also the peak season for second-hand car market transactions. Many car dealers will clear inventory and withdraw funds in the past two months to make adequate preparations for next year. However, the overall market characteristics this year are that the off-season is not weak and the peak season is not prosperous.

Judging from the monthly trend, June to August is the off-season, and the transaction volume also shows an upward trend. Gold, September and Silver Ten are the beginning of the peak season, but the transaction volume has not reached market expectations. November is the peak transaction period for the whole year, with a single-month transaction volume reaching 1.65 million vehicles. Judging from weekly performance, December was relatively stable.

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The Circulation Association further analyzed that judging from the characteristics of the market, the terminal sales price in December will still drop further with changes in the new car market. Local policies to promote consumption will continue and show seasonal characteristics.

In addition, dealers are completing their tasks for year-end momentum and have increased price reduction and promotion activities. The price of second-hand cars will also decrease along with the price fluctuations in the new car market.

From the perspective of inventory cycle, the inventory cycle in November is 60 days. Car dealers will speed up the inventory clearance cycle. It is expected that the inventory days will be reduced in December and the inventory level will decline.The out-migration situation has improved in the past two months, and the proportion of cross-regional circulation has increased month by month, and is expected to continue to rise in December.

2023 Sub-regional Weekly Transactions

Judging from the trading situation in each region, the East and Southwest regions of the six major regions have declined, while other regions have increased to varying degrees. The overall market performance is good.

The Circulation Association predicts that the second-hand car market will develop steadily in December, with market transaction volume basically the same as in November, and there will be no obvious tail-wagging phenomenon.

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25-04-2024
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