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The volume of used vehicle transactions in the country increased by nearly 3 percent last year, surpassing 20 million units for the first time. This growth was driven by the rapid development of the new energy vehicle (NEV) market and improvements in cross-regional trading processes, which boosted overall activity.
In total, 20.1 million used cars changed hands, generating approximately 1.3 trillion yuan (around $186.4 billion). The number of used passenger vehicles increased slightly by 0.4 percent to 15.7 million units, while used commercial vehicle sales grew nearly 8 percent to 2.9 million units.
As NEV adoption accelerates, the share of used NEV transactions continues to rise. Last year, used NEVs accounted for 8 percent of the total, with 1.6 million units traded—an increase from nearly 6 percent the previous year, according to the China Automobile Dealers Association.
Recent reforms have also simplified procedures for cross-regional used vehicle transactions, further stimulating market activity. By December, almost 35 percent of used vehicle transactions were cross-regional, up from just over 30 percent the year before.
With the industry maturing, used vehicle prices have shown increased stability. The average transaction price in December was around 64,500 yuan (approximately $9,250), which is about 400 yuan (around $57) higher than in November and 1,400 yuan (roughly $201) more than a year earlier.
For young first-time car buyers in China, used vehicles are becoming increasingly popular due to their affordability. A recent joint report by a leading automotive content platform and the China Automotive Technology and Research Center highlights that most young buyers prefer used cars priced between 50,000 and 100,000 yuan (up to about $14,331). These buyers prioritize vehicle condition and price, and tend to complete their purchases online.
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