In December 2025, the transaction volume of the national used car market was 1.87 million units, a month-on-month increase of 7% and a year-on-year decrease of 1.5%. The transaction amount was 120.7 billion yuan, a year-on-year increase of 0.6%. From January to December 2025, the cumulative transaction volume of used cars was 20.11 million units, a year-on-year increase of 2.5%, and the transaction volume was 1.2898 billion yuan, an increase of 0.4%. In recent years, the transfer ratio of used cars has fluctuated between 25 and 30%, reaching a current historical high of 34% in December 2025.

In December 2025, the transaction volume of the national new energy used car market was 169,000 units, a month-on-month increase of 8.7%, a year-on-year increase of 36.5%, and a new energy penetration rate of 12%. From January to December 2025, the cumulative transaction volume of new energy used vehicles was 1.61 million units, a year-on-year increase of 43%.

At the call of China Automobile Dealers Association, the circulation of used cars improved. Traffic management departments in various places do practical things to facilitate the work of mass enterprises and promote the circulation of used cars. However, compared with the internationally advanced developed country markets, the trading proportion of used cars in China is relatively low, while China's automobile market started relatively late, and the consumption of used cars started even later. Currently, used cars are in a stage of rapid rise and have extremely huge future development potential. In particular, the development of new energy vehicles has given more ordinary consumers in China the huge advantage of low cost in purchasing and using cars. Although the intensity of the national scrapping renewal policy has temporarily slowed down, the development potential of used cars in China is extremely huge. The used car business and car scrapping renewal of car dealer groups are booming. The replacement of old cars in 2026 will inevitably be a super growth.

1. Industry development returns to the fast lane

2023-2024 Used car transactions were relatively active in 2009 and achieved strong growth. Due to the Spring Festival factor, used car trading will be weak in the first half of 2025 and gradually recover from June to September. Although used cars were weak in November, the trend of used cars was strong in December, and there is concern that some of them will be hoarding cars waiting for the 2026 used car replacement subsidy.

In recent years, used cars have shown rapid development, rising all the way from 12.4 million units in 2017 to 19.61 million units in 2024. In the past seven years, the scale of used cars has increased by 7.2 million units, and the performance of the substantial growth is relatively strong. In December 2025, the transaction volume of the national used car market was 1.87 million units, a month-on-month increase of 7% and a year-on-year decrease of 1.5%. The transaction amount was 120.7 billion yuan, a year-on-year increase of 0.6%. From January to December 2025, the cumulative transaction volume of used cars was 20.11 million units, a year-on-year increase of 2.5%, and the transaction volume was 1.2898 billion yuan, an increase of 0.4%.

Due to the diversification of used car trading varieties, the unit price of used car trading in recent years is relatively stable, which is very good for the automobile market.

2. Used car transaction structure

The pattern of used car market shows that SUV and MPV market continue to grow, while passenger car market shrinks relatively. Due to the high proportion of cars, the current used car market structure and new cars are developing towards high-end consumption of SUVs and MPVs.

3. Age of used car trading

Sub-new car transactions of used cars performed strongly, mainly because new energy vehicles became used cars. At present, the trading structure of used cars: older used cars are gradually increasing. The overall proportion will reach 11.4% from January to December 2025, and the proportion will reach 43.9% from 3 to 6 years. The growth is relatively prominent. Both ratios are relatively high.

At present, the transaction of old vehicles of medium and high age has increased. With the continuous improvement of automobile product technology, the vehicle quality protection of high-age products is getting better and better. In the future, there will be huge incremental potential for scrapping and renewal of such medium and elderly vehicles.

Due to the short development time of China's automobile market, the age of used car transactions in relatively mature countries is relatively short. In China, the proportion of used car transactions in 3-5 years and used car transactions in 1-3 years is relatively high, while most used cars traded in developed countries such as the United States are more than 5 years old, especially used cars over 8 years old account for a relatively high proportion in France and Japan.

4. Trend of used car trading prices

In the past two years, the average trading price trend of used cars has developed pragmatically. The proportion of used cars worth 30,000 to 50,000 yuan has increased significantly, while the proportion of models below 30,000 yuan has declined. Products worth 30,000 - 50,000 yuan have increased slightly this year.

5. New energy used car trading strengthens

In December 2025, the transaction volume of the national new energy used car market was 169,000 units, a month-on-month increase of 8.7%, a year-on-year increase of 36.5%, and a new energy penetration rate of 12%. From January to December 2025, the cumulative transaction volume of new energy used vehicles was 1.61 million units, a year-on-year increase of 43%.

With the explosive growth of new car sales in the new energy vehicle market, the number of used new energy vehicles is also increasing. As a result, the penetration rate of used new energy vehicles has continued to increase, from 3.6% at the end of 2022., rising to 12% in December 2025. Compared with the proportion of new energy vehicles, the proportion of transactions of used new energy vehicles has basically increased simultaneously. In the future, with the rapid growth of new energy vehicles and the gradual stabilization of prices, the development potential of used new energy vehicles is huge.

6. Trend of age of new energy used cars

In the fourth quarter of 2025, 40.3% of the country's new energy used vehicles with a service life of less than two years, a significant increase from the same period last year.

In the fourth quarter of 2025, the service life accounted for 34.9% in 2-4 years, a slight decrease from the same period last year.

In the fourth quarter of 2025, transaction volume with a useful life of 4-6 years accounted for 11.8%, which was at a relatively low level compared with last year.

In the fourth quarter of 2025, the proportion over 6 years reached 12.9%, a significant increase from last year.

Overall, in 2025, the age structure of new energy used vehicles will increase, and the market will be more active.

7. Trading price of new energy used cars

The transaction price of new energy used cars has increased significantly, and the proportion of transactions for models with 50,000 - 80,000 yuan has increased significantly recently. As scrapping updates and old-for-new policies promote the growth of old and new energy used vehicles, sales of models below 30,000 yuan have declined recently.

The residual value advantage of the current scrapping of new energy vehicles is gradually reflected, and the scrapping and renewal policy promotes the accelerated scrapping and renewal of more used vehicles.

8. Proportion of second-hand cars transferred

The transfer ratio of used cars has been fluctuating between 25% and 30% in the previous period, reaching a current historical high of 34% in December 2025. At present, due to the improvement in the convenience of transferring used cars, the proportion of transferring used cars has rebounded to a higher level.

At present, Beijing and Shanghai are the two main outflow areas for used car transactions, while Anhui, Shandong, Jilin, etc. are also the main areas for used car transactions to flow in. The outflow of used cars in Beijing is relatively strong and always occupies the first place. Level, reflecting that the scale of used car outflow in the Beijing market is relatively strong.

9. Inventory time of used cars

The inventory of used cars is currently in a slight decline. The pressure on used cars in December 2025 has improved relatively. In particular, the inventory of used cars over 30 days in December 2025 accounted for 35%, which was flat compared with last year. The proportion of used cars within 15-30 days is 31%; while the proportion of used cars within 15 days is 34%. It is currently felt that the operating pressure of the entire used cars will gradually improve in 2025. With the gradual promotion of the new car policy, the transaction price of used cars is actually affected by the downward movement of the actual transaction price of new cars, which has led to a narrowing of the price difference between used cars, which has also brought certain pressure on the operation of used cars.

10. Value preservation rate of used cars

After the price adjustment in 2025, all brands and manufacturers have found new market positioning, and the competitive landscape has returned to an "orderly" state. At present, the three-year hedging rate of new energy vehicles is generally at a low level, which is completely normal in a rapidly developing market.

The "rolling" of hybrid cars is still continuing. Second-hand cars generally have problems of backward technology and high energy consumption, and are not attractive to consumers.

Since new energy vehicles are precious mines, the residual value of second-hand electric vehicle batteries is expensive, and the residual value of new energy vehicles is higher. As the price of lithium carbonate gradually stabilizes, the value-preserving advantages of new energy vehicles with long and old ages will also be reflected. At present, the number of scrapped new energy vehicles is very small, and long-term new energy vehicles are still valuable.

Source: Cui Dongshu

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