According to CNBC APP, the China Automobile Dealers Association stated in a document that in the third week of November, the average daily trade volume of used cars was 0.0655 million vehicles, a decrease of 1.76% from the previous week, and an increase of 2.1% compared to the same period in October. According to a survey, over 30% of used car dealers mentioned a slight decline in offline customer traffic this week, with 12.5% of companies reporting a decrease in trading volume compared to the previous week. Despite a slight decrease in the average daily trade volume of used cars this week, there was still a slight growth compared to the same period in October. This indicates that the used car market as a whole is still maintaining a positive growth trend, and the slight fluctuations in trading volume this week are part of a normal market cyclic adjustment.

Note: The trading volume is calculated based on five working days.

Looking back at the market performance in the first two weeks, in the first week of November, the average daily trading volume reached 0.0661 million vehicles, achieving a 3.47% increase from the previous week, and a slight decrease compared to the same period in October. The second week showed a trend of stable recovery, with an average daily trading volume of 0.0667 million vehicles, a slight increase of 0.91% from the first week, and a small growth compared to the same period in October, indicating an overall steady market recovery. Calculated by a comparable standard, the trading volume from November 1st to 24th was 1.4 million vehicles, an increase of 1.6% compared to the same period in October. There is still one week left in this month, and it is expected that the trading volume in November will reach around 1.72 million vehicles, a 4% increase compared to November 2023. With the approaching peak season for year-end car purchases, market demand is gradually heating up; however, the gradual decrease in temperature will undoubtedly have a certain impact on offline customer traffic. Nevertheless, due to the support of year-end car purchase demand, the overall market performance is expected to remain positive.

From the perspective of the macroeconomic level, according to data from the National Bureau of Statistics, the total retail sales of consumer goods in October were 4539.6 billion yuan, a year-on-year increase of 4.8%. Among them, the total retail sales of automobiles were 445.2 billion yuan, an increase of 3.7% compared to the same period. In October, under the influence of various policy measures, the national economy made steady progress, major economic indicators significantly rebounded, and market confidence was boosted.

According to data released by the Ministry of Commerce, as of November 18th, the number of applications for national subsidies for automobile scrappage and replacement exceeded 2 million, totaling over 4 million. The sharp increase in subsidy applications reflects a significant enhancement in the activity of the automobile consumption market, with a large number of consumers actively participating in car scrappage and replacement activities. At the same time, a large number of high-quality sources will also flood into the used car market, ensuring an abundant supply of vehicles.

Most used car dealers are very confident about the market expectations for December, expecting that the used car market will maintain a positive growth trend in December, with the trading volume expected to further increase. At the same time, market competition will also become more intense, and dealers need to continuously enhance their own strengths and service levels to respond to market changes.

Weekly regional analysis of the used car market

This week, the overall trading situation in the national used car market has slightly declined, but regional performances have shown differentiation. The Northeast and Central-South regions performed well, with a slight increase in trading volume. The trading volumes in the North China, East China, Northwest, and Southwest regions have decreased, with the Southwest region experiencing a relatively larger decrease.

Specifically, the daily average trading volume of used cars in East China is 0.0192 million vehicles, a week-on-week decrease of 3.25%, showing a slight downward trend in the market. Several major cities in Hefei, Jinan, Jinhua, Hangzhou, etc., all experienced significant declines in trading volume this week. The declines in Hefei and Jinhua were particularly significant, both exceeding 10%, putting significant pressure on these markets this week. Nanchang's used car market showed strong growth momentum this week, with a month-on-month increase of over 10%. In addition, Shanghai, Wenzhou, Xiamen, and other places in the used car market maintained a relatively stable trend this week, with no significant fluctuations in trading volume.

The daily average trading volume of used cars in North China is 0.0025 million vehicles, a week-on-week decrease of 2.81%, indicating a slowdown in market activity. Looking at major cities, Shijiazhuang, Langfang, and Chifeng markets declined relatively quickly this week, especially Chifeng with a nearly 20% decrease in trading volume this week. In comparison, as the core city of North China, the used car market in Beijing showed signs of recovery this week, with a 3.3% increase in trading volume compared to the previous week. Tianjin continued to maintain steady growth this week, with stable market operations.

The daily average trading volume of used cars in Northeast China is 0.0024 million vehicles, a week-on-week growth of 4.7%. Looking at major cities, Changchun market performed exceptionally well this week, with a month-on-month increase of over 20%. As the capital city of Jilin Province, the level of activity in the used car market in Changchun has an important influence on the entire Northeast region. Harbin and Jinzhou markets also saw slight growth this week. Dalian's market declined this week, with an 8.3% decrease compared to the previous week.

The daily average trading volume of used cars in Southwest China is 0.0155 million vehicles, a week-on-week decrease of 4.13%. This week, major markets in Yunnan, Guizhou, Sichuan, and Chongqing all experienced varying degrees of decline. Kunming and Guiyang saw trading volume declines of 4.3% and 3.2% respectively this week. Chengdu and Chongqing also showed a weakening market activity this week, with trading volumes decreasing by 5% and 1.8% compared to the previous week. Lhasa's market performance has been relatively stable recently.

The average daily trading volume of used cars in the central and southern regions this week was 0.0249 million vehicles, an increase of 0.55% from the previous week, showing a steady overall growth trend in the market. Looking at key cities, Guangzhou and Wuhan performed particularly well this week, with trading volume increasing by 12.7% and 16.1% respectively compared to last week. Changsha's second-hand car market has been weak recently, with trading volume showing a significant decline for two consecutive weeks, with a decrease of over 10% this week. Dongguan, Haikou, and Pingdingshan markets also saw a slight downturn this week.

The average daily trading volume in the northwest region this week was 0.001 million vehicles, a decrease of 2.76% compared to the previous week. This week, Lanzhou, Wuzhong, Xi'an and other markets experienced relatively significant declines. Lanzhou's trading volume decreased by 19.6% from the previous week. Xi'an's trading volume decreased by 7% compared to the previous week. Qinghai and Xinjiang showed stable trends this week, without significant growth or decline.

Overall, although the used car market experienced a slight decline compared to the previous week in the third week of November, it still maintained a positive growth trend overall, and achieved growth compared to the same period in October. With the arrival of the year-end car purchase peak season, market demand will further increase, providing strong support for the used car market. At the same time, the steady recovery of the macroeconomy and the increased activity in the auto consumer market have also had a positive impact on the used car market.