Electric, Hybrid, And PHEV Cars Become Primadona In The Former China Car Market

Used car market in China. (Doc. China Qingnianbao/CarNewschina)

JAKARTA The new energy vehicle (NEV), namely pure electric car (EV), hybrid, and used PHEV, is now the main choice of consumers in the former Chinese car market, denying many people's concerns about the difficulty of reselling this type of vehicle. This positive trend shows that public trust in NEV is increasing.

Based on data from the China Auto Dealer Association (CADA), reported by CarNewschina, Monday, November 11, the new energy vehicle (NEV) used to record the fastest growth in the used car segment in 2024. During the January to September period this year, as many as 789,800 used NEV units were sold across China, recording a 54 percent spike compared to the same period the previous year. It is estimated that the total used NEV transactions will reach more than one million units by the end of 2024, an unprecedented achievement.

The third quarter 2024 report by Tiantian Paiche, a leading online used car trading platform, revealed that 68.2 percent of used electric cars sold on the platform were three years old or younger, with an average transaction age of 3.8 years. The average selling price of used NEVs reached 78,200 yuan (approximately IDR 170.4 million), much higher than the average price of used gasoline-fueled cars of 54,300 yuan (approximately IDR188 million). The average selling price of used cars in the same period is 57,100 yuan (approximately IDR 124.5 million).

China's used car market overall targets sales of 20 million units of vehicles by 2024. As of September, the cumulative volume of used cars has reached 14.2 million units, up 5.37 percent compared to the previous year.

On the other hand, used car exports also showed a sharp increase. During the January to June 2024 period, Zhejiang Province recorded exports of 38,286 used cars, soaring 161.5 percent, making them leaders in used car exports in China.

This trend illustrates how used electric cars are now a new magnet in the market, attracting consumers and creating significant shifts in China's automotive industry.