1. Market Overview in July 2023 Monthly transaction trends of the used car market in July 2023 - In July 2023, the national used car market transaction volume was 1.5722 million vehicles, a month-on-month increase of 2.53% and a year-on-year increase of 8.93%, with a transaction amount of 102.962 billion yuan.
- From January to July 2023, the cumulative transaction volume of used cars was 10.3408 million units, a year-on-year increase of 14.54%, an increase of 1.3124 million units compared with the same period, and the cumulative transaction amount was 654.688 billion yuan.
Weekly analysis for August 2023 - In the fourth week of August, the average daily transaction volume of the second-hand car market was 59,800 vehicles, a month-on-month increase of 1.84%, and a decrease of 1.5% compared with the same period last month. From the weekly performance, the market's customer attraction and transaction capabilities in August were both lower than those in the same period in July. According to the same caliber calculation, the second-hand car transaction volume from August 1 to 27 was 1.346 million vehicles, a decrease of 1.5% compared with the same period in July.
- The extreme weather changes in August have led to a weak market trend. With four trading days left, the trading volume this month is expected to be around 1.55 million vehicles, a month-on-month decrease of 1.4% and a month-on-year increase of 5.6%.
Changes in market segments in July 2023 - In July 2023, the national second-hand car market transaction volume was 1.5722 million vehicles, a month-on-month increase of 2.53%. Basic passenger cars traded a total of 924,400 vehicles, a month-on-month increase of 1.84% and a year-on-year increase of 8.76%; SUVs traded a total of 205,600 vehicles, a month-on-month increase of 5.09% and a year-on-year increase of 11.45%; MPVs traded a total of 96,500 vehicles, a month-on-month increase of 1.5% and a year-on-year increase of 6.02%; crossover passenger cars traded a total of 30,300 vehicles, a month-on-month increase of 3.02% and a year-on-year decrease of 5.98%.
- Commercial vehicle situation: 89,900 passenger cars, a month-on-month increase of 0.94% and a year-on-year decrease of 1.22%; 131,000 trucks, a month-on-month increase of 3.37% and a year-on-year increase of 8.38%.
Changes in market segments from January to July 2023 - From January to July 2023, the total transaction volume of the national used car market was 10.341 million vehicles, a year-on-year increase of 14.5%. A total of 6.142 million basic passenger cars were traded, a year-on-year increase of 14.9%; a total of 1.325 million SUVs were traded, a year-on-year increase of 14.6%; a total of 631,000 MPVs were traded, a year-on-year increase of 16.4%; and a total of 201,000 crossover passenger cars were traded, a year-on-year decrease of 2.9%.
- Commercial vehicle situation: 614,000 passenger cars, a year-on-year increase of 0.3%; 854,000 trucks, a year-on-year increase of 17.7%.
Analysis of used car sales of various levels in July 2023 - In July 2023, in terms of the overall sales of cars of all levels, A-class cars are still the most popular models in the used car market, accounting for 49.9%, an increase of 0.5% month-on-month, followed by B-class cars with an average share of 22.9%, a decrease of 0.4% month-on-month. C-class cars accounted for 7.7%, a decrease of 0.1% month-on-month. D-class cars accounted for 2.1%, which was basically the same as last month. A0-class cars accounted for 13.3%, an increase of 0.1% month-on-month. A00-class cars accounted for 4.1%, a decrease of 0.1%.
- In July, A-class and A0-class models saw a slight increase compared with June, while the other models saw a slight decrease compared with the previous month.
Analysis of vehicle age in used car transactions in July 2023 - In July, the transactions of used cars with a usage period of 3-6 years accounted for the largest proportion, accounting for 43.72%. It increased by 1.12% month-on-month and 1.71% year-on-year;
- Models with a service life of less than 3 years accounted for 28.45%, an increase of 1.06% from the previous month and a decrease of 1.77% from the same period last year;
- Vehicles aged 7-10 years accounted for 20.70%, down 1.28% from the previous month and up 1.28% from the same period last year;
- Vehicles that are more than 10 years old accounted for 7.13%, down 0.9% from the previous month and 1.22% from the same period last year.
- From the perspective of vehicle age structure, the proportion of vehicles within 6 years old increased in July, and the proportion of vehicles within 3 years old and 3-6 years old increased slightly compared with June.
Analysis of the age of used car transactions from January to July 2023 - From January to July, the transaction volume of used cars with a service life of 3-6 years was the largest, accounting for 41.5%, an increase of 2 percentage points over the same period last year;
- The proportion of models with a service life of less than 3 years was 27.6%, a decrease of 3 percentage points from the same period last year;
- Vehicles aged 7-10 years accounted for 21.7%, an increase of 2.4 percentage points from the same period last year;
- Vehicles that are more than 10 years old accounted for 9.1%, down 1.4 percentage points from the same period last year.
Analysis of the transaction price range of used cars in July 2023 - In July, second-hand car transaction prices below 30,000 yuan accounted for the largest market share, accounting for 33.9%, down 0.4 percentage points from the previous month. The second largest market share was 30,000-50,000 yuan, accounting for 21.6%, down 0.9 percentage points from the previous month; 80,000-120,000 yuan, accounting for 10.8%, down 0.3 percentage points from the previous month; 50,000-80,000 yuan, accounting for 16.1%, up 0.8 percentage points from the previous month. Vehicles 120,000-150,000 yuan, 150,000-300,000 yuan, and above 300,000 yuan increased by 0.2, 0.5, and 0.1 percentage points, respectively.
- From the perspective of price distribution, the overall transaction prices of used cars in July moved up. The prices in the ranges of 50,000-80,000 yuan and above 120,000 yuan increased slightly compared with the previous month. The proportion of prices below 50,000 yuan and 80,000-120,000 yuan decreased slightly compared with the previous month.
Analysis of the six major regions in July 2023 - In July 2023, among the six major regions in the country, only the Central and Southern regions saw a decline from June, while other regions all saw growth to varying degrees.
- East China saw a slight increase from the previous month, with the second-hand car transaction volume reaching 449,600 units, up 1.7 percentage points from the previous month, and the transaction volume increased by 8,000 units. This month, Jiangxi and Shandong provinces performed outstandingly, with month-on-month growth rates exceeding 10%, and Jiangsu Province saw a slight increase of 3.3% from the previous month. In addition, Shanghai and Anhui saw a significant decline, with Shanghai down 14.2% from the previous month and Anhui down 6% from the previous month.
- The Central and Southern regions were the only region to see a decline in second-hand car transactions this month, with a volume of 460,700 vehicles traded, down 1.5% from the previous month, or 7,000 vehicles less. Hainan and Hubei provinces saw a more significant decline, down 6.5% and 5.2% from the previous month, respectively. Guangdong and Guangxi also saw a slight decline this month, down 2.1% and 1.8% from the previous month, respectively. Henan and Hunan saw a slight increase from the previous month.
- The second-hand car transaction volume in North China was 215,300 units, up 2.7% from the previous month. Beijing and Inner Mongolia grew faster than last month, up 5.6% and 6.6% respectively. Tianjin and Hebei saw a slight increase, while Shanxi fell 0.8% this month.
- Southwest China traded 216,500 vehicles this month, up 8.2% from the previous month and nearly 20,000 more than last month. The most obvious changes this month were in Sichuan and Tibet. Sichuan performed well this month, up 16.3% from last month. Tibet saw a significant decline this month, down 19.9% from the previous month. Yunnan and Chongqing saw increases of 6.9% and 1.3% from the previous month, respectively. Guizhou saw a slight decrease of 2.1% this month.
- Northeast China continued to recover this month, up 1.5% from the previous month, with second-hand car transactions reaching 111,300 units. Jilin and Heilongjiang both saw a slight increase this month, with Jilin Province up 5.8% from the previous month and Heilongjiang up 1.6%. Liaoning saw a slight decline this month, down 1.7% from the previous month.
- Northwest China was the best performing region this month, with a month-on-month increase of 17.2%. The second-hand car transaction volume reached 73,800 units, an increase of 11,000 units from the previous month. This month, Qinghai, Xinjiang, Shaanxi and Ningxia all saw significant growth.
Average price of used cars nationwide in 2023 - In July, the average transaction price of used cars continued to rise, increasing by 2,000 yuan from June and decreasing by 7,000 yuan from the same period last year.
II. Overview of the new energy market in July Analysis of new energy used car models in July 2023 - In July 2023, a total of 60,600 used new energy vehicles were traded nationwide, an increase of 0.6% from June and 11.4% from the same period last year.
Note: The data does not include hybrid models Analysis of new energy used car models in July 2023 - In July 2023, the proportion of A-class, C-class and SUV models in the national new energy used cars increased month-on-month, while the proportion of other models decreased. Among them, the proportion of SUV models increased significantly month-on-month, increasing by 3.3 percentage points, the proportion of A-class models increased by 0.6 percentage points, and the proportion of C models increased by 0.1 percentage points.
- A00, B and MPV models saw a slight decline, down 2.5, 0.4 and 1.0 percentage points respectively. A0 models were basically the same as last month.
- From the perspective of vehicle model structure, among used new energy vehicles in July, SUV models grew faster, while A00-class models declined relatively significantly.
Note: The data does not include hybrid models Analysis of the service life of used new energy vehicles in July 2023 - From the perspective of vehicle age structure, in July, the proportion of models within 2 years continued to increase month-on-month, while the proportion of models between 2-4 years, 4-6 years and over 6 years decreased.
- Specifically, those with a usage period of less than 2 years accounted for 40.1%, an increase of 2.3 percentage points from the previous month.
- The usage period of 2-4 years accounted for 35.6%, a decrease of 0.9 percentage points from the previous month.
- The transaction volume with a usage period of 4-6 years accounted for 18.4%, a decrease of 0.7 percentage points from the previous month.
- Those with more than 6 years of experience accounted for 5.9%, a decrease of 0.7 percentage points from the previous month.
Note: The data does not include hybrid models Analysis of used new energy vehicle prices in July 2023 - In July 2023, the proportion of used new energy vehicles priced between 80,000 and 120,000 yuan, 120,000 to 150,000 yuan, and above 300,000 yuan increased. Among them, models priced between 80,000 and 120,000 to 150,000 yuan accounted for 10.4% and 7.8% respectively, an increase of 1.2 percentage points month-on-month; models priced above 300,000 yuan accounted for 3%, an increase of 0.3 percentage points month-on-month.
- This month, the proportion of used new energy vehicles priced below 30,000, 30,000-50,000, 50,000-80,000, and 150,000-300,000 yuan has declined. Models priced under 80,000 yuan accounted for 58%, down 1.9% overall from the previous month. Models priced between 150,000 and 300,000 yuan accounted for 20.8%, down 0.8 percentage points.
Note: The data does not include hybrid models 3. Analysis of the liquidity of used cars Cross-regional circulation in July 2023 - In July, cross-regional circulation continued to pick up, with the second-hand car transfer rate at 27.64%, up 0.6 percentage points from the previous month and 0.9 percentage points from the same period last year. The total number of second-hand car transfers was 434,600, up 4.8% from the previous month and 12.6% from the same period last year.
Transfer of permanent residence by province and city in July 2023 - In July 2023, the top five provinces in terms of the transfer rate were Beijing, Shanghai, Anhui, Hubei and Jiangsu. Among them, the transfer rate of Beijing, Shanghai and Jiangsu increased slightly compared with the previous month, while that of Anhui and Hubei decreased slightly month-on-month.
- Specifically, the transfer rate in Beijing was 44.4%, up 0.9 percentage points from the previous month, and the number of transferred vehicles was 27,600.
- The transfer rate in Shanghai was 33.99%, up 1.8 percentage points from the previous month, with 15,100 vehicles transferred.
- The transfer rate in Anhui was 32.88%, down 0.2 percentage points from the previous month, and the number of transferred vehicles was 5,200.
- The transfer rate in Hubei was 32.15%, down 0.6 percentage points from the previous month, with 13,600 vehicles transferred.
- The transfer rate in Jiangsu was 30.25%, up 0.4 percentage points from the previous month, with 25,400 vehicles transferred.
4. Dealer Survey Analysis of the situation of used car dealers V. Analysis of “Bank” Certification Regional distribution of certified vehicle sources in August 2023 - In August 2023, the market rebounded compared with July. The bank received a total of 51,212 vehicle source data uploaded, an increase of about 7% over July. Among them, 45,059 and 41,541 vehicle source data met the bank certification standards, and 29,399 data met the group standards, both increased by about 8%.
Distribution of mileage of certified vehicles in August 2023 - In August 2023, compared with July, except for a slight decline in Hunan, Hebei and Shandong, other regions all showed varying degrees of growth compared with the previous month, among which Guangdong, Zhejiang, Anhui, Shanxi, Guangxi and other regions saw particularly obvious growth.
Distribution of mileage of certified vehicles in August 2023 - In August 2023, according to the reported vehicle mileage data, used car dealers were more "open and active" in selecting products based on vehicle mileage than in July;
- Among them, the number of "almost new cars" with a mileage of 10,000-30,000 kilometers increased by 2% compared with July, the number of "relatively new cars" with a mileage of 30,000-100,000 kilometers decreased by 1% compared with the previous month, and the number of "old cars" with a mileage of more than 100,000 kilometers remained the same as the previous month;
Distribution of certified vehicle age in August 2023 - In August 2023, dealers still tend to choose vehicles that are 1-5 years old, but the overall trend is relatively "tolerant";
- Among them, the data of nearly new cars within 1 year increased by 1% compared with the previous month, and the data of newer cars within 1-3 years increased by 2% compared with the previous month;
- The data for second-hand cars aged 3-5 years remained the same as last month, the data for "cost-effective" models aged 5-7 years also decreased by 2% compared with last month, and the data for "old models" aged 7-10 years remained the same as last month.
- Overall, the market environment in August gradually showed a positive side. Used car dealers performed more "conservative yet radical" this month, and the vehicle selection became more extensive.
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