Used autos gain popularity as sales surge 16.3%
Print Edition
USED cars are gaining popularity in China, with 6.05 million used vehicles sold in China last year, up 16.3 percent from 2013.
By comparison, new auto sales grew by just 6.86 percent, according to data released yesterday by the China Automobile Dealers Association.
“Secondhand autos will probably record faster growth, with sales expected to reach 11 million units in 2015,” said Shen Rong, vice secretary-general of CADA.
China’s secondhand auto market began to emerge in 2000, but remained relatively insignificant as increasingly well-off Chinese preferred new cars.
In 2013, secondhand auto sales were more than twice those of new vehicles in the US and Europe. In China, used auto sales stood below one third of new sales.
Shen predicts that rapid growth in new car sales is drawing to an end, and it is inevitable that used auto sales will overtake sales of new cars.
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