July Car Resale Value Report Released Japanese Brands Continue to Decline, Domestic Brands Remain Stable with Some Improvement
The July Car Resale Value Report shows a decline in Japanese brands, while domestic brands remain stable with slight improvement
【Phoneauto News】The China Automobile Dealers Association and Jingzhengu jointly released the research report on the depreciation rate of Chinese automobiles in July. Due to the recent large-scale price wars and the influx of new car models, the supply and prices of used cars have both decreased. Among them, the depreciation rate of used cars from domestic brands has stabilized and is approaching the level of Japanese brands, while Japanese brands continue to decline.
Overall, the depreciation rates of small cars, compact sedans, midsize sedans, and large sedans have all decreased significantly in July. On one hand, domestic brands led by BYD are increasing their market share through new energy vehicles and hope to expand their advantages through price wars. Therefore, the depreciation rate of used cars is naturally greatly affected. In terms of midsize SUVs and large SUVs, there is a trend of increasing depreciation rates, especially for large SUVs, due to the relatively stable sub-market of large SUVs where price wars have not fully erupted.
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In the luxury brand sector, except for Mercedes-Benz and BMW, the depreciation rates of other brands have all decreased. Lexus, in particular, has experienced a significant decrease in depreciation rate. Previously, models that required additional fees now need to offer discounts in this highly competitive market. In addition, the rise of domestically produced luxury new energy vehicles has also exerted significant price pressure on traditional luxury brand used cars.
Regarding joint venture brands, the resale value of Japanese brands continues to decline. By July, the resale value of all Japanese joint venture brands had dropped to below 70%. This is related to the recent large-scale price cuts by Japanese brands and the high number of quality complaints in the previous few months. The resale value of second-hand cars from German and American brands remains relatively stable with no significant changes, while the resale value of second-hand cars from Korean brands has experienced a bottoming out and rebound.
Compared to joint venture brands, domestic brands have shown more favorable momentum in July, with the resale value of second-hand cars generally remaining stable or slightly increasing. Among them, GAC Motor, Wuling, Changan, and Lynk & Co have achieved resale values of over 60%, surpassing or even exceeding the majority of joint venture brands. However, mainstream domestic brands such as BYD and Geely have relatively lower resale values within the domestic camp, which is related to the large fluctuations in their price system. Meanwhile, NIO’s resale value has declined significantly by 5% in July, likely due to the impact of price reductions in June. This move also makes NIO the brand with the largest decline in resale value among all Chinese brands in July.
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