Weekly Used Car Market Trend

From July 8th to July 14th, 2024, the average daily transaction volume of the second-hand car market reached 60,900 units, a decrease of 1.11% compared to the previous week, but a 3% increase compared to the second week of June. According to comparable calculations, the total transaction volume of second-hand cars from July 1st to 14th was 732,000 units, a 1.7% increase compared to the same period in June. This data indicates that despite short-term fluctuations in market transaction volume, the overall trend still shows certain growth potential.

The continued promotion of private car scrapping and renewal subsidy policies has accelerated the release of this demand. Purchasing and changing cars for travel has become the best choice for some families, which not only promotes the release of residents' consumption potential but also brings new development opportunities for the second-hand car market.

Survey data shows that although 35% of second-hand car dealers believe that the market transaction volume in the second week of July is not satisfactory, 23% of companies still believe that the market transaction volume has increased compared to the previous week. In terms of customer flow, 39% of dealers said that this week's customer flow is not as good as last week, while 42% of dealers said it is basically the same as last week, showing the relative stability of market demand.

After the fierce price war in the new car market in the second quarter, the transaction price of new cars in July began to show a trend of stabilization. This positive change is expected to bring new vitality to the second-hand car market, increase the activity of transactions, and provide strong support for reversing the continuous decline of the second-hand car market. The stable development of the new car market provides more high-quality car source options for the second-hand car market, and also provides consumers with more car purchase references and comparison opportunities.

As the traditional off-season for the second-hand car market in July and August, facing unfavorable factors such as high temperature and frequent extreme weather, it will have a certain impact on offline customer flow, leading to a large inventory pressure for car merchants. Despite the challenges in the market environment, the prosperity of the summer tourism market has brought new growth opportunities for the second-hand car market.

Although the second-hand car market may be affected by some fluctuations and challenges in the short term, from a long-term perspective, the fundamentals of China's second-hand car market, such as scale, policy environment, market structure, and consumer demand, have not undergone fundamental changes. With the continuous expansion of the automotive consumer market and the improvement of consumer recognition of second-hand cars, the long-term development trend of the second-hand car market still maintains a good momentum. In the future, the second-hand car market is expected to continue to maintain steady growth, providing consumers with more diversified car purchase options and services.