In Q1, 4.27 Million Used Cars Sold in China... Rapid Growth of Electric Vehicles

In China, more than 4.27 million used cars were sold in the first quarter (January to March) of this year. The used car market, which has been centered on internal combustion engine vehicles, is also seeing a rapid increase in electric vehicle transactions.

According to the China Automobile Dealers Association on the 9th, the nationwide used car transaction volume in the first quarter of this year was 4.274 million units, a 10.2% increase compared to the previous year. The cumulative transaction amount this year reached 270.75 billion yuan (approximately 51.7917 trillion KRW). Among these, transactions of new energy vehicles such as electric cars totaled 141,000 units, a sharp increase of 20.3% during the same period. The local media outlet China Economic Net explained, "Although internal combustion engine vehicles account for more than 90% of the used car market, the proportion of new energy vehicles is increasing in the new car market."

Source: China Automobile Dealers Association

The market believes that pre-replacement demand arose due to large-scale events such as the recently held Shanghai Motor Show and new car launches.

The price reductions that continued from early this year also affected the used car market. In March, the average price of used cars nationwide was 63,300 yuan, down 0.5% from the previous month. The association expects prices to fall further in April, with transaction volumes also somewhat decreasing. Monthly sales volume is expected to be around 1.51 million units in April, slightly weaker than March's 1.567 million units, which was a 7.4% increase from the previous month.

By vehicle type, basic passenger cars in the first quarter reached 2.556 million units, a 10.8% increase compared to the previous year. SUV sales rose by 10.3% during the same period to 545,000 units. Truck sales jumped 16.5% to 350,000 units.

This content was produced with the assistance of AI translation services.