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1. Market Overview in May 2024 Monthly transaction trends of the used car market in May 2024 - In May 2024, the national used car market transaction volume was 1.5846 million vehicles, a month-on-month decrease of 5.62% and a year-on-year increase of 5.87%, with a transaction amount of 102.331 billion yuan.
- From January to May 2024, the cumulative transaction volume of used cars was 7.8639 million units, a year-on-year increase of 8.69%, an increase of 628,600 units compared with the same period last year, and the cumulative transaction amount was 527.392 billion yuan.
Weekly analysis for June 2024 - From June 17 to June 23, 2024, the average daily transaction volume of used cars was 62,800, an increase of 6.39% from the previous week. After the downturn in the previous week, the average daily transaction volume of used cars recovered to more than 60,000.
- According to comparable calculations, from June 1 to June 23, a total of 1.16 million used cars were traded. Compared with the same period in May, the transaction volume fell by 4.5%. Although the decline still exists, it has narrowed compared with the previous week, indicating that the market is gradually recovering from the trough.
Market segment changes in May 2024 - In May 2024, the national second-hand car market transaction volume was 1.5846 million vehicles, a month-on-month decrease of 5.62%. A total of 919,300 basic passenger cars were traded, a month-on-month decrease of 5.77% and a year-on-year increase of 3.59%; a total of 210,000 SUVs were traded, a month-on-month decrease of 6.03% and a year-on-year increase of 10.07%; a total of 98,300 MPVs were traded, a month-on-month decrease of 6.35% and a year-on-year increase of 6.29%; a total of 38,300 crossover passenger cars were traded, a month-on-month decrease of 5.41% and a year-on-year increase of 34.25%.
- Commercial vehicle situation: A total of 88,300 passenger cars were traded, a decrease of 5.98% month-on-month and an increase of 1.41% year-on-year; 130,800 trucks were traded, a decrease of 4.78% month-on-month and an increase of 5.70% year-on-year.
Changes in market segments from January to May 2024- From January to May 2024, the cumulative transaction volume of used cars was 7.8639 million, a year-on-year increase of 8.69%. The cumulative transaction volume of basic passenger cars was 4.5881 million, a year-on-year increase of 6.46%; the total transaction volume of SUVs was 1.0491 million, a year-on-year increase of 13.55%; the total transaction volume of MPVs was 496,900, a year-on-year increase of 13.13%; and the total transaction volume of crossover passenger cars was 184,700, a year-on-year increase of 30.99%.
- Commercial vehicle situation: A total of 620,100 trucks were traded, a year-on-year increase of 3.94%; 444,800 buses were traded, a year-on-year increase of 2.17%.
Analysis of used car sales of each class in May 2024 - In May 2024, looking at the overall sales of cars of all levels, A-class cars are still the most popular models, accounting for 48.64%, a decrease of 0.2% month-on-month; followed by B-class cars accounting for 21.43%, an increase of 0.23% month-on-month; C-class cars accounting for 7.28%, a decrease of 0.24% month-on-month; D-class cars accounting for 2.15%, a decrease of 0.03% month-on-month; A0-class cars accounting for 14.45%, an increase of 0.12% month-on-month; A00-class cars accounting for 6.05%, an increase of 0.13% month-on-month.
- Overall, in May, the market share of A0, A00 and B-class cars increased, while the market share of other models decreased slightly compared with the previous month.
Analysis of vehicle age in used car transactions in May 2024 - In May, the transactions of used cars with a service life of 3-6 years accounted for the largest proportion, accounting for 45.67%. It increased by 1.69% month-on-month and 3.04% year-on-year;
- Models with a service life of less than 3 years accounted for 24.86%, a decrease of 0.13% from the previous month and a decrease of 3.53% from the same period last year;
- Vehicles aged 7-10 years accounted for 18.89%, down 1.02% from the previous month and 2.22% from the same period last year;
- Vehicles that are more than 10 years old accounted for 10.58%, down 0.54% from the previous month and up 2.70% from the same period last year.
- In terms of vehicle age structure, in May, the share of vehicles aged 3-6 years increased significantly compared with the previous month, while the other segments all declined. Compared with the same period last year, the share of vehicles aged 3-6 years and over 10 years increased overall.
Analysis of vehicle age in used car transactions from January to May 2024 - From January to May, the transaction volume of used cars with a service life of 3-6 years was the largest, accounting for 46.9%, an increase of 6.1 percentage points over the same period last year;
- The proportion of models with a service life of less than 3 years was 27.1%, down 0.4 percentage points from the same period last year;
- Vehicles aged 7-10 years accounted for 17.7%, down 4.2 percentage points from the same period last year;
- Vehicles that are more than 10 years old accounted for 8.3%, down 1.5 percentage points from the same period last year.
Analysis of used car transaction price range in May 2024 - In May, the market share of used cars with a transaction price range of less than 30,000 yuan was the largest, accounting for 35.4%, a month-on-month increase of 0.2 percentage points. The second largest market share was 30,000-50,000 yuan, accounting for 23.4%, a month-on-month increase of 0.2 percentage points; 50,000-80,000 yuan accounted for 17.5%, a month-on-month increase of 0.6 percentage points; 80,000-120,000 yuan accounted for 9.8%, a month-on-month decrease of 0.4 percentage points; 120,000-150,000 yuan accounted for 4.5%, a month-on-month increase of 0.3 percentage points. 150,000-300,000 yuan accounted for 7.2%, a month-on-month decrease of 0.6 percentage points. More than 300,000 yuan accounted for 2%, a month-on-month decrease of 0.3 percentage points.
- Judging from the distribution of price ranges, the transaction prices in May moved down compared with the previous month, with the shares of 80,000-120,000, 150,000-300,000, and above 300,000 all declining.
Analysis of the six major regions in May 2024- In May 2024, the six major regions in the country all experienced declines to varying degrees compared with the previous month, among which the declines in East China and Southwest China were the most obvious.
- The second-hand car transaction volume in East China was 462,900 units, a month-on-month decrease of 8.96%, and the transaction volume decreased by 45,600 units compared with the previous month.
- The second-hand car transaction volume in the Central and Southern regions was 455,900 units, a month-on-month decrease of 2.73% and a decrease of 12,800 units from the previous month.
- The second-hand car transaction volume in North China was 216,100 units, a month-on-month decrease of 4.44% and a decrease of 10,000 units from the previous month.
- A total of 253,800 vehicles were traded in the southwest region this month, a decrease of 7.4% month-on-month and 20,300 vehicles less than last month.
- A total of 114,500 used cars were traded in Northeast China this month, down 2.41% from the previous month. The transaction volume decreased by 2,800 vehicles from the previous month.
- A total of 81,500 used cars were traded in the Northwest region this month, a decrease of 3.39% month-on-month and 2,900 fewer than last month.
Average price of used cars nationwide in 2024 - In May, the average transaction price of used cars was 64,600 yuan, down 1,600 yuan from April and up 2,300 yuan from the same period last year.
II. Overview of the new energy market in May Analysis of used new energy vehicle models in May 2024 - In May 2024, a total of 85,700 used new energy vehicles were traded nationwide, a decrease of 3.8% from April and an increase of 51.7% from the same period last year.
- From January to May 2024, a total of 420,400 used new energy vehicles were traded nationwide, an increase of 68.5% over the same period in 2023.
Note: The data does not include hybrid models Analysis of used new energy vehicle models in May 2024 - In May 2024, SUVs accounted for the largest proportion of new energy passenger vehicles, accounting for 24.7%, a month-on-month increase of 0.3%; followed by A00-class sedans accounting for 21.8%, a month-on-month decrease of 0.8%; A-class sedans accounted for 21.4%, a month-on-month increase of 0.8%. A0-class sedans accounted for 8.3%, the same as last month; B-class sedans accounted for 10%, a month-on-month increase of 0.4%; C-class models accounted for 4.1%, a month-on-month decrease of 0.6%; MPV models accounted for 9.8%, a month-on-month decrease of 0.1%.
- In May, the market share of A-class, B-class sedans and SUVs rebounded compared with the previous month, while the market share of A00-class models declined significantly.
Note: The data does not include hybrid models Analysis of the service life of used new energy vehicles in May 2024 - From the perspective of vehicle age structure, in May, the proportion of models aged 2-4 years and 4-6 years increased, while the proportion of models aged less than 2 years and more than 6 years decreased.
- Specifically, those with a usage period of less than 2 years accounted for 28.7%, a decrease of 3.2% month-on-month.
- The proportion of those with a usage period of 2-4 years was 38.8%, a month-on-month increase of 2.9%.
- The proportion of those with a usage period of 4-6 years was 17.9%, a month-on-month increase of 0.4%.
- Those with more than 6 years of experience accounted for 14.6%, a decrease of 0.1% from the previous month.
Note: The data does not include hybrid models Analysis of used new energy vehicle prices in May 2024 - In May 2024, the proportion of used new energy vehicles priced under 30,000 yuan, 30,000-50,000 yuan, and 50,000-80,000 yuan increased, while the other ranges all declined to varying degrees compared with the previous month.
- This month, new energy used cars priced under RMB 30,000 accounted for 35.6%, up 1.3% from the previous month; those priced between RMB 30,000 and RMB 50,000 accounted for 16.3%, up 0.5% from the previous month; and those priced between RMB 50,000 and RMB 80,000 accounted for 11.3%, up 0.8% from the previous month.
- The proportion of models priced between RMB 80,000 and RMB 120,000 and RMB 150,000 and RMB 300,000 respectively decreased significantly, by 1% and 1.2%, while the proportion of models priced between RMB 120,000 and RMB 150,000 and above RMB 300,000 decreased by 0.3% and 0.2%.
Note: The data does not include hybrid models 3. Analysis of the liquidity of used cars Cross-regional circulation in 2024 - In May, the second-hand car transfer rate was 28.67%, down 0.3 percentage points from the previous month and up 1.9 percentage points from the same period last year. The total number of second-hand car transfers was 454,400, down 6.4% from the previous month and up 13.5% from the same period last year.
Transfer of permanent residence by province and city in May 2024 - In May 2024, the top five provinces in terms of transfer rates in the country are Beijing, Jiangsu, Zhejiang, Shanghai and Shandong.
- Specifically, the transfer rate in Beijing was 36.53%, a month-on-month increase of 0.7%, and the number of transferred vehicles was 21,400;
- The transfer rate in Jiangsu was 33.45%, down 0.2% from the previous month, with 29,200 vehicles transferred.
- The transfer rate in Zhejiang was 31.59%, down 0.3% from the previous month, with 38,700 vehicles transferred.
- The transfer rate in Shanghai was 30.72%, up 0.2% from the previous month, and the number of transferred vehicles was 12,600.
- The transfer rate in Shandong was 30.52%, a decrease of 0.4% month-on-month, and the transfer volume was 45,400 vehicles.
4. Dealer Survey Analysis of the situation of used car dealers 5. Analysis of “Bank” Certification Regional distribution of certified vehicle sources in June 2024 - In June 2024, the bank certification received a total of 44,583 vehicle source data uploaded, of which 49,229 vehicles met the bank certification standards and 32,230 vehicles met the group standards;
- Among them, the proportion of data that meet the bank certification this month accounts for about 88% of the total submissions, and the proportion of data that meet the group standard accounts for 57%. The overall data quality has slightly decreased compared with last month;
- Judging from the data reported by the industry certification, June has entered the traditional "off-season" of the industry, and the data reported this month has decreased by about 19% compared with May;
- Affected by the overall market environment, compared with the same period in 2023, June 2024 decreased by about 5%.
Regional distribution of certified vehicle sources in June 2024 - In June 2024, entering the traditional "off-season" for automobile consumption, the reported volumes in all regions decreased compared with the previous month, showing a drop of between 14% and 27%.
Distribution of mileage of certified vehicles in June 2024 - In June 2024, judging from the reported vehicle mileage data, used car dealers this month were slightly better at selecting products based on vehicle mileage than last week;
- Among them, the proportion of data that meets the "industry" certification accounts for about 88%, and the proportion of data that meets the group standard accounts for about 57%;
- This month, the number of “almost new cars” with a mileage of 10,000-30,000 kilometers remained the same as last month, but the number of cars with a mileage of less than 10,000 kilometers decreased by about 1%, the number of “relatively new cars” with a mileage of 30,000-100,000 kilometers increased by 2% compared with last month, and the number of “old cars” with a mileage of more than 100,000 kilometers decreased by 2% compared with last month.
Distribution of certified vehicle age in May 2024 - In June 2024, dealers' vehicle selection strategy was relatively conservative. In terms of product selection, the age distribution of vehicles was more concentrated in the age range with relatively stable value retention rate.
- Among them, the data of "quasi-new vehicles" within 1 year decreased by about 1% compared with the previous month, and the data of "relatively new vehicles" within 1-3 years increased by about 1% compared with the previous month;
- The data of "next-new car age" of 3-5 years increased by about 1% compared with the previous month; the data of "cost-effective" models of 5-7 years decreased by about 1% compared with the previous month;
- The data for “old models” aged 7-10 years remained the same as last month.
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