China’s used vehicle sales surge by 14.68% YoY in April, indicates industry data

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20th May 2024 – (Hong Kong) China experienced a substantial boost in its used vehicle sales, with a remarkable 14.68% year-on-year increase recorded in April, according to the latest industry data. The data, released by the China Automobile Dealers Association, reveals that approximately 1.68 million used vehicles were traded in the country during the previous month, amounting to a staggering total transaction value of 111.1 billion yuan (equivalent to approximately 15.64 billion U.S. dollars).

The surge in sales can be attributed to multiple factors, including a robust growth in consumer demand and intensified business promotion activities. In addition, China’s policy support for trade-ins of consumer goods has played a pivotal role in fostering this rapid expansion in the used vehicle market. The association’s data further disclosed that in the first four months of this year alone, approximately 6.28 million used vehicles changed hands in China, reflecting a noteworthy 9.42% year-on-year increase.