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"In July, the used car market showed a complex and changeable but gradually warming up trend. Despite facing the challenges of the off-season and the adverse effects of extreme weather, the used car market showed positive signs of recovery under the multiple supports of the scrapping and renewal policy, the growth of market demand and the stabilization of new car market prices." said a relevant person in charge of the China Automobile Dealers Association.

Data shows that in July, the national second-hand car market transaction volume was 1.6094 million vehicles, a month-on-month increase of 5.95% and a year-on-year increase of 2.37%, with a transaction amount of 104.827 billion yuan. From January to July, the cumulative transaction volume of second-hand cars was 10.9923 million vehicles, a year-on-year increase of 6.3%, an increase of 651,500 vehicles compared with the same period, and a cumulative transaction amount of 730.039 billion yuan.

In July, the used car manager index was 42.2%, down 0.3 percentage points year-on-year and up 1 percentage point month-on-month. Although it is still in a recession, the market sentiment has improved compared with June. After a period of adjustment, the used car market is gradually coming out of the trough and regaining growth momentum.

A relevant person in charge of the China Automobile Dealers Association said that the continued implementation of the policy of subsidies for scrapping and updating private cars has become an important force in promoting the recovery of demand in the used car market. Buying a car or changing a car for travel has become the preferred option for some families to travel during the summer vacation, which not only promotes the release of residents' consumption potential, but also injects new vitality into the used car market. "In late July, the policy of replacing old cars with new ones was strengthened, and more than 100 billion yuan of long-term special government bonds were used to subsidize the replacement of old cars with new ones. This will greatly accelerate the continued release of automobile consumption demand and also bring new development opportunities and growth space to the used car market."

In addition, after experiencing a fierce price war in the second quarter, the transaction prices in the new car market began to stabilize in July. The scale of price-for-volume exchange will be reduced. This phenomenon will be transmitted to the used car market, and the transaction prices of used cars will also tend to stabilize. The average price of used cars in July was 65,100 yuan, a slight increase of 700 yuan from June.

From the perspective of vehicle model structure, in terms of passenger cars, in July, basic passenger cars traded a total of 919,500 units, a month-on-month increase of 5.43% and a year-on-year decrease of 0.53%; SUVs traded a total of 217,300 units, a month-on-month increase of 5.53% and a year-on-year increase of 5.71%; MPVs traded a total of 102,400 units, a month-on-month increase of 7.58% and a year-on-year increase of 6.08%; crossover passenger cars traded a total of 39,300 units, a month-on-month increase of 9.21% and a year-on-year increase of 29.69%. In terms of commercial vehicles, buses traded a total of 89,000 units, a month-on-month increase of 4.77% and a year-on-year decrease of 1%; trucks traded a total of 132,900 units, a month-on-month increase of 6.3% and a year-on-year increase of 1.5%.

From January to July, the cumulative transaction volume of passenger cars was 8.8065 million, a year-on-year increase of 6.12%. Among them, the cumulative transaction volume of basic passenger cars was 6.3797 million, a year-on-year increase of 3.88%; the total transaction volume of SUVs was 1.4723 million, a year-on-year increase of 11.11%; the total transaction volume of MPVs was 694,500, a year-on-year increase of 10.09%; the total transaction volume of crossover passenger cars was 260,000, a year-on-year increase of 29.53%. The cumulative transaction volume of commercial vehicles was 1.4968 million, a year-on-year increase of 1.92%. Among them, the total transaction volume of trucks was 878,000, a year-on-year increase of 2.79%; the total transaction volume of buses was 618,700, a year-on-year increase of 0.72%.

From a regional perspective, in July, the six major regions of the country all saw varying degrees of growth compared with June, with the Northwest region rebounding significantly to 15%, while Southwest, North China and Northeast China all saw increases of more than 5%. The second-hand car transaction volume in East China was 458,400 units, a month-on-month increase of 4.4%, and an increase of 19,300 units compared with June; the second-hand car transaction volume in Central and South China was 454,700 units, a month-on-month increase of 4.55%, an increase of 19,800 units compared with June; the second-hand car transaction volume in North China was 223,100 units, a month-on-month increase of 6.26%, an increase of 13,100 units compared with June; the second-hand car transaction volume in Southwest China was 261,100 units, a month-on-month increase of 8.48%, an increase of 20,400 units compared with June; the second-hand car transaction volume in Northeast China was 124,200 units, a month-on-month increase of 5.25%, an increase of 6,200 units compared with June; the second-hand car transaction volume in Northwest China was 87,900 units, a month-on-month increase of 15.05%, an increase of 11,500 units compared with June.

In terms of cross-regional circulation, the second-hand car transfer rate was 28.98% in July, up 0.56% from June and 1.33% from the same period last year. The total number of second-hand car transfers was 466,400, up 8.02% from June and 7.31% from the same period last year.

The China Automobile Dealers Association said that overall, due to the strengthening of the car trade-in policy and the stabilization of new car prices, the second-hand car market in my country in July has seen an improvement in demand, transaction volume, transaction price and inventory. Although the second-hand car market may still be affected by some fluctuations and challenges in the short term, from a long-term perspective, with the continuous expansion of the automobile consumer market and the improvement of consumers' recognition of second-hand cars, the long-term development trend of the second-hand car market remains positive, providing consumers with more diversified car purchase options and services.

Our reporter Wang Xuguang