Used car market seen at US$309b
Print Edition
CHINA aims to tap the potential in the used car trading market, whose annual volume is expected to be worth nearly 2 trillion yuan (US$309 billion) in the future, the Ministry of Commerce said yesterday.
China, already the world’s largest auto market, has the potential to also become the biggest trader of pre-owned cars and the government is working on policies to regulate and encourage used car trading, said Shen Danyang, the ministry’s spokesman.
With around 24 million new vehicles hitting the roads each year, China has room to boost its annual used car sales to 36 million vehicles calculated by a sales ratio of 1.5 used cars to new cars in mature markets. Based on an average price of 55,000 yuan for each resold car, the used car market could be worth 1.98 trillion yuan annually, according to the ministry.
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