Used-vehicle sales in China have shown signs of stagnation as the continuously slowing economy has started to dampen consumer demand for such vehicles.
In August, sales growth of used vehicles in the country slowed to 0.9 percent compared with 6.7 percent in the previous month, the China Automobile Dealers Association said this week.
“With the sales growth rate rapidly slowing down, the used-vehicle market has entered a phase of adjustment,” the trade group said in a release.
In August, some 1.2 million used vehicles were sold across China.
The number includes 683,500 sedans, 134,700 SUVs and crossovers, 82,900 multi-purpose vehicles and 306,000 microvans. The rest were second-hand commercial vehicles including buses and trucks.
Through August, 9.3 million used vehicles were delivered in China, an increase of 3.9 percent from the same period last year.
The dealer association has yet to disclose used vehicle sales for September.