Half of used-car dealers see market rebound in 2023

With the latest wave of the coronavirus outbreak easing, used light-vehicle dealers in China are generally optimistic about market prospects the rest of the year, according to the China Automobile Dealers Association.

More than 50 percent of used-car dealers expect the market to expand more than 20 percent in 2023 from last year, the trade group said this week, citing its latest survey.

Dealers also expect the market rebound to begin in February, it noted. 

Due to the lingering pandemic and fewer working days resulting from the earlier-than-usual lunar New Year holiday, sales of used light vehicles across China slipped 15 percent to 1.01 million in January, according to CADA’s tally. 

January deliveries of used sedans fell 16 percent to some 752,200, while secondhand crossover and SUV volume fell 14 percent to around 159,700.

Sales of used multi-purpose vehicles dropped 12 percent to roughly 72,900 while demand for used minibuses plunged 21 percent to about 26,300.

In 2022, China’s used-car market shrank 7.9 percent to 12.88 million.