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China’s Used-Car Market Could Grow to $309 Billion
Annual sales of used cars in China is likely to eventually reach nearly 2 trillion yuan ($309 billion), according to the Ministry of Commerce.
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Annual sales of used cars in China is likely to eventually reach nearly 2 trillion yuan ($309 billion), according to the Ministry of Commerce.
The agency notes that about 24 million new vehicles hit the road in China each year. In mature markets, the proportion of used to new vehicles is 1.5:1. When China achieves a similar ratio, the country will have some 36 million used vehicles trading hands per year at an average resale price of about 55,000 yuan ($8,500) each.
The ministry did not indicate when that volume will be reached. But it says the central government is developing policies to encourage and regulate China's used-car trading.
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