City’s used car sales rise as prices fall
Print Edition
Shanghai’s used car sales rose 12.3 percent to 311,952 units in the first seven months of this year, data from the Shanghai Used Car Trade Association shows.
The association attributed the rise to lower prices, as well as the impact of the government’s transfer and purchase restriction policy.
The average price of used cars is declining this year amid an overall lackluster auto market.
In the first seven months, the average price of a used car in Shanghai was 97,200 yuan (US$13,816), down 7.25 percent year on year.
Some regions in China adopted stricter China VI emission standards from July 1 this year.
Car dealers had promotions to clear out new car models built in accordance with China V emission standards in June.
In addition, Zhejiang and other provinces imposed restrictions on the sale of used cars which do not meet China VI emission standards.
Car buyers turned to Shanghai and dealers sold many used cars to other provinces.
In July, the city’s sales of used cars totalled 50,111 vehicles, an increase of 24.47 percent year on year, data from the association showed.
In the first seven months of 2019, locally produced cars accounted for the most used car sales — 87 percent.
Private purchasers accounted for about 80 percent of the total, with companies buying the remainder.
Most of Shanghai’s used cars sold to Shandong, Zhejiang and Anhui provinces.
The best-selling used cars in Shanghai in the first seven months of this year were the Volkswagen Passat, Skoda Octavia and Buick GL8.
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