Used vehicles sales in China rise by 7.62 percent YoY in January-March
Date
4/24/2024 3:04:27 AM
(MENAFN) Industry data reveals that China's used vehicle sales experienced a notable increase of 7.62 percent year on year during the first quarter (Q1) of this year. According to the China Automobile Dealers Association, approximately 4.6 million used vehicles were exchanged within the country during this period, generating a total transaction value of 313.96 billion yuan, equivalent to around 44.18 billion U.S. dollars.
The surge in used vehicle transactions was particularly pronounced in March, with a staggering 9.12 percent year-on-year growth and a remarkable 42.33 percent month-on-month increase. In March alone, approximately 1.71 million used vehicles changed hands in China, with the total transaction value reaching approximately 118.04 billion yuan.
These figures underscore the resilience and vibrancy of China's used vehicle market, reflecting sustained consumer demand despite broader economic uncertainties. The upward trajectory in sales suggests a continued appetite for pre-owned vehicles among Chinese consumers, driven by factors such as affordability, availability, and the growing popularity of used car platforms. This trend also aligns with broader shifts in consumer behavior towards more sustainable and cost-effective transportation options.
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