Change in used car unit sales in China 2010-2022
In 2022, sales of used cars in China shrank by about 12.5 percent compared to the previous year. This represents a significant decrease after the growth of some 23 percent in 2021.
International used car market
China is the largest automobile market worldwide, both in regard to production and sales. In 2021, the production volume of passenger cars in China had amounted to 21.4 million units, that was more than 2.2 times the number of Japan, the second largest automotive manufacturer in the world. Furthermore, approximately 26.3 million vehicles had been sold in China that year, nearly 11 million more than the sales volume in the United States. The steady year-on-year growth of the used car market has led to its increasing share of the overall Chinese auto market. In 2021, the number of used cars sold in China had reached around 17.6 million units.
Chinese customers for used cars
Chinese customers viewed used cars much less favorably than buyers in developed countries, as newly registered vehicles still outnumbered the used car sales in China. Moreover, Chinese consumers preferred younger second-hand cars. More than 83.8 percent of used cars traded in China aged below ten years old in 2021, while the price below 50,000 yuan seemed to be more favored.
International used car market
China is the largest automobile market worldwide, both in regard to production and sales. In 2021, the production volume of passenger cars in China had amounted to 21.4 million units, that was more than 2.2 times the number of Japan, the second largest automotive manufacturer in the world. Furthermore, approximately 26.3 million vehicles had been sold in China that year, nearly 11 million more than the sales volume in the United States. The steady year-on-year growth of the used car market has led to its increasing share of the overall Chinese auto market. In 2021, the number of used cars sold in China had reached around 17.6 million units.
Chinese customers for used cars
Chinese customers viewed used cars much less favorably than buyers in developed countries, as newly registered vehicles still outnumbered the used car sales in China. Moreover, Chinese consumers preferred younger second-hand cars. More than 83.8 percent of used cars traded in China aged below ten years old in 2021, while the price below 50,000 yuan seemed to be more favored.
