Trade volume of used cars in China from 2010-2022

In 2022, about 16 million used cars had been sold in China, a decrease of some nine percent compared to 2021. During the past twelve years, used vehicle transactions in China have increased approximately 3.5 times from 3.9 million units in 2010.

Used car market sales

There had been remarkable growth in the demand for used car in China. In 2022, the overall used car sales revenue amounted to approximately 1.06 billion yuan, which has been growing for the past years from 178 billion yuan in 2010. This six-fold increase displays the remarkable growth in demand for used vehicles in China. Over 60 percent of used vehicles traded had been passenger cars. The steady year-on-year growth of the used car market has led to its increasing share of the overall Chinese auto market. In 2020, around 14.3 million sold used cars stood against 19.7 million registered new cars in China.

Potential of used car market

The used car market in China has tremendous potential. China has been the world’s largest market for passenger cars since 2008, reaching a sales volume of approximately 23.6 million units in 2022. Average price of second handed vehicles has increased to over 60,000 yuan since 2017.