China Automobile Depreciation Rate Research Report for June 2024
Jul 03, 2024
On July 1, 2024, the China Automobile Circulation Association and Jingzhen Estimation jointly released the "China Automobile Depreciation Rate Research Report for June 2024". The study of the depreciation rate aims to reflect the comprehensive strength of the brand, such as product power, recognition, and reputation, and to provide important data references for future business such as repurchase, replacement, leasing, finance, and new car pricing, thereby reducing business risks and improving operational efficiency.
The background of the "Key Points" release is on the one hand the task deployment of the National New Industrialization Promotion Conference, and on the other hand, it is also the annual plan of the National Standardization Committee. The work of the technical standard system cannot be achieved overnight and requires long-term and continuous advancement.
The unclear consumption scenario is one of the reasons for the difficult matching of domestic supply and demand. The "Measures" directly propose: encouraging cities with purchase restrictions to relax vehicle purchase restrictions and increase purchase quotas. Through the linkage of central and local finance, arrange funds to support the scrapping and renewal of old cars that meet the conditions.
Due to the rapid allocation of funds from the central finance, the new car market is in full swing, and the driving effect of the old for the new is very obvious. The smooth channels for the disposal and scrapping of second-hand cars also clear the way for new car sales.
This month, the largest decline in the depreciation rate is the mid-size sedan, 4.9%, and the smallest decline is the mid-size SUV, 2.1%. Due to the important assessment tasks of the new car market at the end of June, the price war is more intense.
Porsche and Lexus, and other imported car terminal prices have fallen sharply, and the second-hand car prices are also affected. Among the luxury brands, the largest share is still the BBA (Mercedes-Benz, BMW, Audi), and the expansion of the decline in these three brands represents the overall trend of the sub-market.
The depreciation rate of Japanese and Korean brands is higher than that of European and American brands, reflecting a shift in consumer trends, with low-priced durable products being more favored.
This month, the depreciation rate of independent brands has all declined, and the depreciation of high-end brands among independent brands is faster.
Shanghai Volkswagen's Tiguan L, since its launch in 2017, as a leader in the SUV field, is also impressive in terms of technology and design, and its depreciation rate ranks first in mid-size SUVs.
The tax incentives for new energy vehicles are still an important means to promote technological progress, and energy-saving vehicles and hybrid vehicles are also covered.
The depreciation rate of electric vehicles is slightly higher than that of hybrid vehicles, mainly due to the brand premium of Tesla.
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