Used-vehicle sales accelerate in Oct.

The market for used light vehicles expanded 19 percent year to year to exceed 1.29 million last month after rising 7.4 percent in September, according to the China Automobile Dealers Association.

The trade group attributed the acceleration in used sales to the 10 percent growth in new-car deliveries in October. With new-car sales gathering steam, spurring trade ins, the supply of more relatively new used vehicles has increased, improving selection for consumers, it noted. 

Last month, vehicles aged between three to six years accounted for 47 percent of overall used-vehicle sales, a 0.5 percentage point gain from September and 5.7 percentage points from a year earlier.

Used vehicles' average transaction price stood at 64,600 yuan ($8,922), dipping 1.3 percent from a month earlier, according to the CADA’s tally. 

In October, all segments of the used-vehicle market posted strong growth.

Secondhand multipurpose vehicle deliveries surged 27 percent to some 103,400 while used crossover and SUV demand jumped 24 percent to roughly 211,000.

Used sedan sales rose 17 percent to around 947,800, while secondhand minibus deliveries climbed 11 percent to some 30,600.

As of October, China’s used-vehicle market has expanded nine straight months after Beijing scrapped COVID-19 controls in December 2022. 

In the first ten months, used-vehicle sales industrywide increased 13 percent to some 12.1 million, according to the CADA.