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Trade volume of used cars in China may hit 3 million this year
Shanghai. January 25 (Gasgoo.com) – China’s trade volume of used cars may reach 3 million in 2008, China Automobile Dealers Association said yesterday.
Luo Lei, deputy secretariat of China Automobile Dealers Association attributed the vibrant growth used cars trade to many factors.
First, China’s income per capita outgrew China’s GDP per capita last year. That means average Chinese consumers will have more money to spend, including car purchase.
Secondly, the growth of income per capita of Chinese peasants will stimulate automobile consumption in China’s vast rural areas. With a total rural population of one billion, China has a huge untapped rural market for car consumption, unparalleled in any other nation in the world, Luo Lei said.
Most importantly, many cars sold in last five years now may start trading in the used car market this year. Industry experts estimate that the 8 million cars sold in 2002 and 2003 may come to second cars market in 2008.
Finally, many used car dealers have reached maturity after years of development. And many of them have become competitive and capable in doing used car business.
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