June 5, China Automobile Circulation Association "China Automobile value retention rate Research report in May 2023". The report said that after the price of the new car market stabilized, confidence in the used car market gradually recovered, of which the supply of second-hand cars rebounded for two consecutive months and achieved year-on-year growth in May, but due to a low base in the same period last year, the used car market is still in the stage of "weak recovery". In addition, among different brands in various countries, the preservation rate of luxury brands has increased as a whole, while the preservation rate of independent brands has declined slightly.
In terms of subdivision, there is an obvious difference between the monthly preservation rate of cars and SUV5 at all levels, among which the preservation rates of small cars, compact cars, medium-sized cars and medium-and large-sized cars all decreased in May compared with April, among which joint venture brands accounted for a large proportion. However, the preservation rates of small SUV, compact SUV, medium-sized SUV, medium-and large-scale SUV and MPV all increased in varying degrees. "the value preservation rate of small cars is not lower than that of other market segments, reflecting still strong entry demand," the report said. From the perspective of the replacement direction of consumers, car users replace SUV is the mainstream. It was originally thought that the replacement path of domestic brands for joint venture brands and luxury brands has been watered down. Trading volume and prices showed a high consistency, the supply of large market segments but high prices, the emergence of "buy up do not buy down" phenomenon. "
Among the luxury brands, seven of the 13 brands on the list have a three-year preservation rate of more than 60%, namely Porsche, Lexus, Mercedes-Benz, BMW, Land Rover, Audi and Lincoln, in line with April and most of them showing an upward trend. Among them, Porsche continues to rank on the list with a preservation rate of 83.2 per cent, while in the BBA camp, Mercedes-Benz's preservation rate rose 0.3 per cent from the previous month; Audi rose 0.2 per cent from the previous month; and BMW continued to maintain a preservation rate of 65.0 per cent compared with April.
However, a small number of brands in the ranking also showed a month-on-month decline, including Lexus, Land Rover, Tesla, Infiniti and Jaguar. Among them, the preservation rate of Lexus was 74.8% in May, although it still ranked second on the list, but it was down 2.5% from 77.3% in April, making it the highest decline among these luxury brands.
The China Automobile Circulation Association pointed out that the driving force of the rebound in the price of luxury brands comes from the renewal of products, and Japanese brands gradually break away from the luxury attribute. Overall, although the performance of used cars of many luxury brands has not changed, the brand value has rebounded after the new product update. Previously, luxury brands generally made clear product renewal plans after the Shanghai auto show, such as the release of Mercedes-Benz EQE, BMW 5-Series and 7-Series new energy vehicles to convince consumers of their determination to transform their brands, while Cadillac launched Cadillac's new CT6, GT4 and XT4 after the launch of Cadillac LYRIQ Rui Song.
In terms of joint venture brands, there are 6 brands with a preservation rate of more than 60%, of which the top three are Japanese brands. Toyota ranks first with a preservation rate of 70.0%, but it is down 0.1% from 70.1% in April. Honda ranked second, with a month-on-month increase of 0.1% to 67.5%. The Mazda brand, which ranks third, has a preservation rate of 61.6%, which is consistent with April. In addition, Nissan, which is also a Japanese brand, ranked fourth with a preservation rate of 61.5% in May, up 0.2% from a month earlier, as well as Ford, Kia, Hyundai, Buick, Mitsubishi and Citroen. Among them, Ford and Hyundai brands ranked higher.
The Jeep brand in the list changed significantly, with a preservation rate of 58.1% in May, down 3.3% from 61.4% in April, and the fourth to 10th place in April. "Automotive Industry concern" believes that the main reason may be related to Jeep terminating the domestic process and continuing to distribute the Chinese market in the form of imports. In addition, Skoda, Peugeot and Chevrolet also lost value in May. Local subsidies have not only helped joint venture brands gain market share of new cars, but also dealt a severe blow to the used car market, and used car prices have been further suppressed, the report said.
Let's take a look at independent brands. In May, the preservation rate of independent brands showed a collective downward trend, but the decline was not significant. The China Automobile Circulation Association said that the main reason is that the proportion of R & D investment in fuel vehicles has shrunk due to the widespread entry of independent brands into the new energy field, while the used car market is still dominated by fuel vehicles, and the misplaced relationship has also led to a continued decline in the price of used cars. In terms of subdivision, Chuanqi, Wuling and Chang'an are still in the top three positions, but they all showed a slight decline from April, with decreases of 0.1%, 0.1% and 0.3% respectively. Judging from the whole list, in May, there are only 3 brands with a value preservation rate of more than 60%, which is still a big gap compared with joint venture brands.
As for the field of new energy vehicles, the value preservation rate of plug-in hybrid models is 54.6%, up 0.8% from the previous month; the value preservation rate of pure electric vehicles is 55.1%, down 0.2% from the previous month. According to the list, a number of plug-in hybrid models of BYD entered the list in May, including Song Pro DM-i, Han DM-i, Tang DM-i, Destroyer 05, Song MAX DM-i and Qin PLUS DM-i all appeared in the one-year-old preservation rate, while non-domestic models were mainly concentrated in imported models. Among the pure electric models, the top three pure electric models are Porsche Taycan, Collaway CLEVER and Dolphin, while BYD also has many models on the list.
Automobile value preservation rate is an important part of the performance-to-price ratio of cars, which has a high reference value for consumers to buy cars, but also reflects the market recognition of new cars to a certain extent. "Automotive Industry concern" believes that there are many factors that affect the value preservation rate of vehicles, including the number of cars in the market, product popularity and market terminal concessions are all potential influencing factors, therefore, car value preservation rate is not the only criterion to judge whether a vehicle is good or bad.
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