According to the Smart Finance APP, the China Automobile Dealers Association released the weekly report on used car transactions (from December 23, 2024, to December 29, 2024). Entering the last week of December, the used car market has shown a more vigorous development trend. The average daily transaction volume has risen to 0.0703 million vehicles, showing an increase from the previous week of 1.53%, and achieving a significant growth of 6.8% compared to the same period in November. This indicates an expansion of 1.6 percentage points from the previous week, directly reflecting the vitality of the market and the increase in demand.

Reviewing the entire December, as of the 29th, the used car transaction volume has accumulated to 1.76 million vehicles, a 6% increase over the previous month. With only two trading days remaining in this month, the total transaction volume for December is expected to reach 1.89 million vehicles, with an annual used car transaction volume expected to steadily approach around 19.6 million vehicles, with a cumulative year-on-year growth expected to exceed 6%.

The continuous upward trend in the market is primarily driven by two factors. Firstly, the year-end tail market conditions cannot be ignored. As the year-end approaches, the used car market has welcomed the traditional peak trading season. Increasing vehicle age means depreciation of vehicle value, prompting Dealers to accelerate inventory reduction by launching various promotional activities to attract Consumers. For Consumers seeking cost-effectiveness, this is undoubtedly a good time to purchase a vehicle. Therefore, the end of the year typically sees a surge in transactions in the used car market.

Secondly, the hot sales in the new car market have had a significant linkage effect on the used car market. Statistics show that from December 1 to December 22, the retail volume in the Passenger Vehicle market reached 1.692 million vehicles, growing by 25% compared with the same period last year, and an increase of 14% compared to the same period last month. The continuous innovation and upgrading in the new car market have effectively stimulated Consumers' replacement demand. Moreover, the subsidy policy for replacing old cars with new ones has promoted Consumers' eagerness to seize policy opportunities. According to data from the Ministry of Commerce, as of December 19, the number of scrapped and renewed vehicles nationwide, driven by the old-for-new policy, has approached 2.7 million vehicles, while the number of replaced and renewed vehicles has exceeded 3.1 million vehicles, with the total of both reaching 5.8 million vehicles, further enhancing the activity in the used car market.

Looking ahead to 2025, the market environment will continue to be complex and changeable, requiring higher standards from enterprises. Enterprises need to sharply capture market dynamics, closely follow policy changes, and flexibly adjust their Operation strategies. At the same time, continuous innovation in Operation models and service methods is necessary to precisely meet Consumers' diverse needs. By strengthening market research and analysis, accurately grasping market trends, a solid foundation can be laid for future development. Only by continuously enhancing their own competitiveness can enterprises steadily progress in the fierce market competition and achieve sustainable development goals.

Weekly Regional Analysis of Used Cars

This week, the national used car market continues to show overall growth, but the performance of various regional markets presents a clear divergence. The East China and Central South regions show relatively strong market performance; the Northwest region has a more stable market trend this week; while the Northeast, North China, and Southwest regions have seen noticeable declines.

Specifically, the average daily transaction volume of used cars in East China is 0.0209 million vehicles, an increase of 2.68% compared to last week. This month, markets in places like Nantong, Linyi, Jining, Jinan, and Jinhua have all shown significant growth. Notably, the market increases in Linyi and Jinhua are particularly remarkable, both exceeding 20%, indicating a significant enhancement in market demand. Nantong, Jining, and Jinan also performed very well this week, with increases all exceeding 10%. As the economic center of East China, Shanghai's transaction volume increased by 5.4% this week. However, the demand in the markets of Nam Cheong and Hangzhou has clearly weakened this week, both seeing declines of over 10%.

The average daily transaction volume of used cars in North China is 0.0026 million vehicles, a decrease of 4.83% compared to last week. This week, several major markets in the region, including Tianjin, Shijiazhuang, Taiyuan, and Chifeng, have all seen significant drops in transaction volume. Among them, Tianjin's market fell by 14.3%, with Taiyuan and Chifeng both seeing declines of over 10%, and Shijiazhuang decreased by 5.5% compared to last week. As the core city in North China, Peking also saw a slight decline in used car transactions this week.

The average daily transaction volume of used cars in Northeast China is 0.0023 million vehicles, down 4.56% compared to last week. Viewing major cities, the market demand in Dalian, Changchun, and Harbin has all weakened. Dalian's transaction volume fell by 4.1% this week, Changchun decreased by 3.3%, while Harbin's decline reached 6.5% compared to last week.

The average daily transaction volume of used cars in Southwest China is 0.0144 million vehicles, down 4.29%, indicating weakened market demand. Among major cities, the transaction volumes of used cars in Chengdu, Chongqing, and Guiyang have significantly declined, with Chengdu's volume dropping by 13.8%, and Chongqing's market down by 6.5% this week. Guiyang's decline was 4.5% compared to last week. However, Kunming's market performed well this week, with an increase of over 20%, and Lhasa's market also grew by over 10%, becoming highlights in the region.

The average daily transaction volume of used cars in Central South China is 0.0289 million vehicles, an increase of 4.97% compared to last week. In terms of major cities, Guangzhou, Nanning, Wuhan, Jiaozuo, and Haikou all saw clear increases in used car transaction volumes this week. Among them, Guangzhou's market performance is particularly outstanding, with an increase of over 20%, showing a significant enhancement in market demand. The increases in Nanning and Wuhan also exceeded 10% this week, demonstrating strong market growth momentum. However, the transaction volumes in Changsha and Dongguan experienced notable declines this week, both falling over 10%.

The average daily transaction volume of used cars in the northwest region is 0.0012 million units, remaining basically unchanged from the previous week. In terms of specific city performance, the transaction volumes in Lanzhou, Yulin, Wuzhong, and Xi'an have all achieved varying degrees of growth. Among them, the Wuzhong market performed particularly well, with a month-on-month increase of 12%. Yulin saw an increase of 8.8% this week. The markets in Xi'an and Lanzhou also achieved growth rates of 5.8% and 4.2%, respectively.