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1. Market Overview in April 2024 Monthly transaction trends of the used car market in April 2024 - In April 2024, the national used car market transaction volume was 1.679 million vehicles, a month-on-month decrease of 1.83% and a year-on-year increase of 14.68%, with a transaction amount of 111.099 billion yuan.
- From January to April 2024, the cumulative transaction volume of used cars was 6.2793 million, a year-on-year increase of 9.42%, an increase of 541,000 vehicles compared with the same period, and the cumulative transaction amount was 425.061 billion yuan.
Weekly analysis of May 2024 - From May 20 to 26, 2024, the average daily transaction volume of used cars was 62,100 units, a 3.05% increase from the previous week. The market's two-week correction trend has ended and has begun to stabilize and recover. On a comparable basis, from May 1 to 26, the total transaction volume of the used car market reached 1.2 million units, a 10% decrease compared with the same period in April.
Changes in market segments in April 2024 - In April 2024, the national second-hand car market transaction volume was 1.679 million vehicles, a month-on-month decrease of 1.83%. Basic passenger cars traded a total of 975,600 vehicles, a month-on-month decrease of 2.26% and a year-on-year increase of 12.60%; SUVs traded a total of 223,400 vehicles, a month-on-month decrease of 1.47% and a year-on-year increase of 18.94%; MPVs traded a total of 105,000 vehicles, a month-on-month decrease of 4.52% and a year-on-year increase of 17.21%; crossover passenger cars traded a total of 40,500 vehicles, a month-on-month decrease of 0.14% and a year-on-year increase of 44.42%.
- Commercial vehicle situation: 93,900 passenger cars, a decrease of 4.27% from the previous month and an increase of 6.24% from the previous year; 137,400 trucks, an increase of 2.92% from the previous month and an increase of 12.18% from the previous year.
Changes in market segments from January to April 2024- From January to April 2024, the cumulative transaction volume of used cars was 6.2793 million, a year-on-year increase of 9.42%. The cumulative transaction volume of basic passenger cars was 3.6687 million, a year-on-year increase of 7.21%; the transaction volume of SUVs was 839,100, a year-on-year increase of 14.46%; the transaction volume of MPVs was 398,600, a year-on-year increase of 14.96%; and the transaction volume of crossover passenger cars was 146,400, a year-on-year increase of 30.16%.
- Commercial vehicle situation: A total of 489,200 trucks were traded, a year-on-year increase of 3.48%; 356,600 buses were traded, a year-on-year increase of 2.36%.
Analysis of used car sales of each class in April 2024 - In April 2024, looking at the overall sales of cars of all levels, A-class cars are still the best-selling model, accounting for 48.84%, a month-on-month increase of 0.45%; followed by B-class cars accounting for 21.2%, a month-on-month decrease of 0.47%; C-class cars accounting for 7.52%, a month-on-month increase of 0.09%; D-class cars accounting for 2.18%, a month-on-month decrease of 0.02%; A0-class cars accounting for 14.33%, a month-on-month increase of 0.03%; A00-class cars accounting for 5.92%, a month-on-month decrease of 0.07%.
- Overall, in April, the market share of A0, A and C class cars increased, while the market share of other models decreased slightly compared with the previous month.
Analysis of the age of used car transactions in April 2024 - In April, the transactions of used cars with a usage period of 3-6 years accounted for the largest proportion, accounting for 43.98%, a decrease of 5.73% from the previous month and an increase of 2.75% from the same period last year;
- Models with a service life of less than 3 years accounted for 24.99%, a decrease of 3.18% from the previous month and 1.61% from the same period last year;
- Vehicles aged 7-10 years accounted for 19.91%, up 4.02% from the previous month and down 2.89% from the same period last year;
- Vehicles that are more than 10 years old accounted for 11.12%, a month-on-month increase of 4.89% and a year-on-year increase of 1.75%.
- In terms of vehicle age structure, in April, the share of vehicles over 7 years old increased significantly compared with the previous month, while the share of vehicles under 6 years old decreased. Compared with the same period last year, the share of vehicles 3-6 years old and over 10 years old increased overall.
Analysis of the age of used car transactions from January to April 2024 - From January to April, the transaction volume of used cars with a service life of 3-6 years was the largest, accounting for 47.2%, an increase of 6.9 percentage points over the same period last year;
- The proportion of models with a service life of less than 3 years was 27.7%, an increase of 0.5 percentage points over the same period last year;
- The proportion of vehicles aged 7-10 years was 17.4%, down 4.7 percentage points from the same period last year;
- Vehicles that are more than 10 years old accounted for 7.7%, a decrease of 2.6 percentage points from the same period last year.
Analysis of used car transaction price range in April 2024 - In April, the second-hand car transaction price range of less than 30,000 yuan accounted for the largest market share, accounting for 35.2%, an increase of 1.8 percentage points from the previous month. The second largest market share was 30,000-50,000 yuan, accounting for 23.3%, an increase of 0.7 percentage points from the previous month; 50,000-80,000 yuan accounted for 16.9%, an increase of 0.6 percentage points from the previous month; 80,000-120,000 yuan accounted for 10.3%, a decrease of 0.6 percentage points from the previous month; 120,000-150,000 yuan accounted for 4.2%, a decrease of 0.8 percentage points from the previous month; 150,000-300,000 yuan accounted for 7.9%, a decrease of 0.7 percentage points from the previous month; and vehicles above 300,000 yuan accounted for 2.3%, a decrease of 1 percentage point from the previous month.
- Judging from the distribution of price ranges, the transaction prices in April overall moved down compared with the previous month. The shares of prices below RMB 30,000, RMB 30,000-50,000, and RMB 50,000-80,000 increased, while the shares of other ranges all decreased.
Analysis of the situation in six major regions in April 2024- In April 2024, among the six major regions of the country, the Northeast and Northwest regions increased compared with the previous month, while the East China, Central South, North China and Southwest regions all declined compared with the previous month.
- The second-hand car transaction volume in East China was 508,400 units, a month-on-month decrease of 0.63%, and the transaction volume decreased by 3,200 units compared with the previous month.
- The second-hand car transaction volume in the Central and Southern regions was 468,700 units, a month-on-month decrease of 3.91% and a decrease of 19,100 units from the previous month.
- The second-hand car transaction volume in North China was 226,100 units, a month-on-month decrease of 2.44% and a decrease of 5,700 units from the previous month.
- A total of 274,100 vehicles were traded in the southwest region this month, a decrease of 1.95% month-on-month and a decrease of 5,500 vehicles from the previous month.
- A total of 117,300 used cars were traded in Northeast China this month, up 0.76% from the previous month. The transaction volume increased by 9,000 vehicles from the previous month.
- A total of 84,300 used cars were traded in the Northwest region this month, a month-on-month increase of 1.46%. In terms of the growth rate, it was the best performing region among the six major regions this month, with an increase of 1,200 vehicles from the previous month.
Average price of used cars in China in 2024 - In April, the average transaction price of used cars was 66,200 yuan, down 2,800 yuan from March and up 4,400 yuan from the same period last year.
II. Overview of the new energy market in April Analysis of new energy used car models in April 2024 - In April 2024, a total of 89,000 used new energy vehicles were traded nationwide, a decrease of 2.6% from March and an increase of 68.1% from the same period last year.
- From January to April 2024, a total of 334,700 used new energy vehicles were traded nationwide, an increase of 73.4% over the same period in 2023.
Note: The data does not include hybrid models Analysis of new energy used car models in April 2024 - In April 2024, SUVs accounted for the largest proportion of new energy passenger vehicles, accounting for 24.4%, a month-on-month increase of 0.3%; followed by A00-class sedans accounting for 22.6%, a month-on-month increase of 1.1%; A-class sedans accounted for 20.6%, a month-on-month decrease of 1.7%. A0-class sedans accounted for 8.3%, a month-on-month increase of 0.8%; B-class sedans accounted for 9.6%, a month-on-month increase of 0.1%; C-class models accounted for 4.7%, a month-on-month increase of 0.2%; MPV models accounted for 9.9%, a month-on-month decrease of 0.8%.
- In April, the market share of small and micro vehicles showed a significant rebound compared with the previous month, while that of A-class and MPV models declined more significantly.
Note: The data does not include hybrid models Analysis of the service life of used new energy vehicles in April 2024 - From the perspective of vehicle age structure, in April, the proportion of models within 2 years and over 6 years old increased, while the share of models between 2-4 years old and between 4-6 years old declined significantly.
- Specifically, those with a usage period of less than 2 years accounted for 31.9%, a month-on-month increase of 1.7%.
- The usage period of 2-4 years accounts for 35.9%, a decrease of 1.4% month-on-month.
- Those with a usage period of 4-6 years accounted for 17.5%, a decrease of 0.7% month-on-month.
- Those with more than 6 years of experience accounted for 14.7%, a month-on-month increase of 0.3%.
Note: The data does not include hybrid models Analysis of used new energy vehicle prices in April 2024 - In April 2024, the proportion of used new energy vehicles priced between 120,000 and 150,000 yuan and between 150,000 and 300,000 yuan decreased, while the other ranges increased compared with the previous month.
- This month, new energy used cars priced between RMB 120,000 and RMB 150,000 accounted for 9.55%, down 1.27% from the previous month; and used cars priced between RMB 150,000 and RMB 300,000 accounted for 15.21%, down 1.43% from the previous month.
- Those priced under RMB 30,000 accounted for 34.25%, up 0.71% from the previous month; those priced between RMB 30,000 and RMB 50,000 accounted for 15.85%, up 1.02% from the previous month; those priced between RMB 50,000 and RMB 80,000 accounted for 10.58%, up 0.73% from the previous month; those priced between RMB 80,000 and RMB 120,000 accounted for 12.45%, up 0.14% from the previous month; and those priced above RMB 300,000 accounted for 2.1%, up 0.09% from the previous month.
Note: The data does not include hybrid models 3. Analysis of the liquidity of used cars Cross-regional circulation in 2024 - In April, the second-hand car transfer rate was 28.93%, down 0.2 percentage points from the previous month and up 3.2 percentage points from the same period last year. The total number of second-hand car transfers was 485,700, down 2.7% from the previous month and up 28.8% from the same period last year.
Transfer of permanent residence by province and city in April 2024 - In April 2024, the top five provinces in terms of transfer rates in the country are Beijing, Jiangsu, Zhejiang, Shandong and Shanghai.
- Specifically, the transfer rate in Beijing was 35.85%, down 0.4% from the previous month, and the number of transferred vehicles was 22,800;
- The transfer rate in Jiangsu was 33.63%, down 1.7% from the previous month, with 32,500 vehicles transferred.
- The transfer rate in Zhejiang was 31.86%, down 0.5% from the previous month, with 43,000 vehicles transferred.
- The transfer rate in Shandong was 30.88%, up 0.2% from the previous month, with 50,300 vehicles transferred.
- The transfer rate in Shanghai was 30.48%, a decrease of 0.6% month-on-month, and the transfer volume was 13,600 vehicles.
4. Dealer Survey Analysis of the situation of used car dealers V. Analysis of “Bank” Certification Regional distribution of certified vehicles in May 2024 - In May 2024, the bank certification received a total of 55,089 vehicle source data uploaded, of which 48,260 vehicles met the bank certification standards and 31,711 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 58%. The overall data quality is slightly better than last month;
- In May, the used car market environment showed some signs of "warming up", with the reported data increasing by about 28% compared with April;
- Compared with the same period in 2023, May 2024 increased by about 3%;
- At the same time, we can also see that the data reported this week shows a very certain "climbing" state, indicating that the confidence of car dealers is gradually "repaired" and restored under the "thin ice" operating conditions.
Regional distribution of certified vehicles in May 2024 - In May 2024, all parts of the country showed obvious signs of "warming up", with all regions showing an increase of more than 20% compared with the previous month;
- From a regional perspective, the submission volume has achieved a "general increase" trend, and while maintaining the basic ranking rules of the past, the increase in the reporting volume in some regions is particularly obvious, such as Jiangsu, Hubei, Hunan, Hebei and other places.
Distribution of mileage of certified vehicles in May 2024 - In May 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 58%;
- This month, the number of "almost new cars" with a mileage of 10,000 to 30,000 kilometers remained the same as last month, but the number of cars with a mileage of less than 10,000 kilometers increased by 1%, the number of "newer cars" with a mileage of 30,000 to 100,000 kilometers decreased by 1% compared with last month, and the number of "old cars" with a mileage of more than 100,000 kilometers remained the same as last month.
Distribution of certified vehicle age in May 2024 - In May 2024, dealers' vehicle selection strategies will return to "normal", with the age distribution of vehicles being similar to most of the time.
- Among them, the data of "quasi-new vehicles" within 1 year increased by about 1% compared with the previous month, and the data of "relatively new vehicles" within 1-3 years remained the same as the previous month;
- The data of "next-new car age" of 3-5 years old decreased by about 1% compared with last month; the data of "cost-effective" models of 5-7 years old remained the same as last month;
- The data for "old models" aged 7-10 years remains the same as last month.
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