Price of second hand vehicles went up for the first time

According to recent statistics from the news office of Commerce Ministry of China, used vehicle prices went up last year for the first time in history, and average prices increased 5,800 Yuan to 36,400 Yuan compared with the prior year. The survey also reveals that sale volume of second hand vehicles jumped 31.50% year on year to 1,905,900 units, exceeding that of new models for the first time; sales saw an increase of 56.6 percent year on year. The Ministry of Commerce predicted the actual sales of second hand vehicle were 2.7 million units, and sales proportion between used vehicles and new models changed from the original 1:3 to 1:2.67.

Due to the increase credibility and better quality of second hand vehicles, the market began to prosper since last year. Vehicles used within three years accounted for one third of the total sales; vehicles used between three and ten years occupy 59.53 percent of the total while vehicles used beyond ten years held 5.9 percent.