Used-car market contraction slows

Used-car market contraction slows

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Sales of used light vehicles in China dipped 6.1 percent in June from a year earlier after shrinking at a double-digit pace the previous three months, according to the China Automobile Dealers Association. 

The trade group attributed the latest results to eased anti-pandemic measures, including the lifting of household lockdown requirements in Shanghai at the beginning of last month. 

The trade group said 1.14 million used vehicles changed hands last month. 

Sales of used sedans, multi-purpose vehicles and minibuses dropped 9.7 percent, 4.2 percent and 0.7 percent, to around 834,200, 32,700 and 89,600, respectively.

But the volume of secondhand crossovers and SUVs rebounded 9.5 percent to about 181,600. 

In the first six months, roughly 6.09 million used light vehicles were sold, a drop of 8.9 percent from the same period last year, according to CADA’s tally.

To spur the used-vehicle market, the State Council, China’s cabinet, issued a policy order on June 22, requesting that all provincial governments eliminate restrictions on local residents’ purchase of used vehicles from other provinces starting on August 1. 

Because of the new rule, used-car sales in China are expected to resume growing in August, CADA predicted earlier this month.

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