China's Used Car Transactions Reach 11.27 Million Units in First Seven Months, Up 0.39% YoY

IT Home, August 30 — According to a report by China National Radio (CNR) of the China Media Group, data released by the China Automobile Dealers Association (CADA) shows that in the first seven months of this year, cumulative used car transactions reached 11.2748 million units, a year-on-year increase of 0.39%, representing an increase of 43,800 units compared to the same period last year. Luo Lei, Vice President of CADA, stated that the ratio of used cars to new cars reached 97.9% in the first half of the year, essentially reaching 1:1. The used new energy vehicle (NEV) market continues to grow rapidly. According to the association's statistics, used NEV transactions reached 839,000 units in the first half of this year, a year-on-year increase of 22%, with used NEVs accounting for 8.6% of total used car transactions. Regarding the market's focus on value retention rates, the report shows that in the first half of 2026, the three-year average value retention rate for internal combustion engine (ICE) vehicles was 46.07%, while for NEVs it was 44.8%, a marginal difference between the two. Luo Lei stated that the industry pain points that once troubled consumers, such as the rapid depreciation and low value retention of used NEVs, have now been significantly improved, leading to a substantial increase in market acceptance. IT Home learned that currently, China's vehicle ownership has reached 370 million units, with an increasing number of vehicles entering the replacement cycle annually. Luo Lei stated that the growth space for the used car industry is very broad in the future, and the market penetration rate of used NEVs will continue to rise.