Biz / Auto

Used cars sales up, prices down

Shanghai's used car transactions rose 12.3 percent to 311,952 units in the first seven months of this year, data from the Shanghai Used Car Trade Association showed.

Shanghai's used car transactions rose 12.3 percent to 311,952 units in the first seven months of this year, data from the Shanghai Used Car Trade Association showed.

The association attributed the rise to lower prices, as well as the impact of the government's transfer and purchase restriction policy.

The average price of used cars is declining this year amid an overall lackluster auto market.

In the first seven months of this year, the average unit price of a used car in Shanghai was 97,200 yuan (US$13,816), down 7.25 percent year on year.

Some regions in China adopted stricter China VI emission standards starting from July 1. Car dealers had promotions to clear out new car models built in accordance with China V emission standards in June. 

In addition, Zhejiang and other provinces imposed restrictions on the transaction of used cars which cannot meet the China VI emission standards. 

Car buyers turned to Shanghai, and dealers sold many used cars to other provinces.

In July, the city's transactions of used cars totalled 50,111 vehicles, an increase of 24.47 percent year on year, data from the association showed.

In the first seven months, locally produced cars were the majority of used car deals, accounting for 87 percent.

In terms of consumer groups, private car purchases accounted for about 80 percent of the total with companies the remainder.

Most of Shanghai's used cars sold to Shandong, Zhejiang and Anhui provinces. The best-selling used cars in Shanghai in the first seven months are Volkswagen's Passat, Skoda Octavia and Buick GL8.

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