AutoBeta(AutoBeta.net)03/03 Report--

On March 2, the China Automobile Circulation Association released the Research report on the preservation rate of automobile value in China in February 2024.

From the point of view of subdivision, the value preservation rate of 3-year-old vehicles of each level in February is different. Among all levels of value preservation rate, the most obvious increase was in medium-sized cars in February, which rose to 60.5% from 58.3% in January, an increase of 2.2%, followed by medium and large cars, with an increase of 1.8% to 65.3% from 63.5% in January. In addition, including small cars, compact SUV, medium-sized SUV, medium and large SUV, MPV also have varying degrees of increase. In contrast, compact cars and small SUV showed a downward trend, falling by 1.1 per cent and 0.7 per cent respectively.

In response, the China Automobile Circulation Association said: "the price of used cars is stable before the Spring Festival, but the volume and price decline at the same time after the Spring Festival, the value preservation rate of compact cars and small SUV has accelerated, and the demand for corresponding categories has declined, while the number of used cars has been very large in previous years." In addition, the China Automobile Circulation Association also pointed out that among all levels of value preservation, low-end models are accelerated to be phased out, of which small SUV product categories are close to being eliminated, while compact cars, despite falling prices, are still likely to continue to sell well after adjustment.

Specific to the performance of the preservation rate of national brands, among the luxury brands, the top five car companies are Porsche, Lexus, Mercedes-Benz, BMW and Land Rover, respectively. The preservation rates of three-year-old cars are all more than 60%. Among them, the value preservation rate of Porsche in February is more than 70%, which is the same as that in January. Lexus' preservation rate increased by 1.2% month-on-month, and BMW and Land Rover increased by 0.7% and 0.1%, respectively. Mercedes-Benz was the only one in the top five to show a decline, down 1.6% from the previous month.

In the BBA camp, Audi has fallen out of the top five, with a value preservation rate of 59.9% for three-year-old cars in February, down 0.2% from 60.1% in January and ranking in the top six on the list. In addition, Lincoln, Cadillac and Infiniti also showed a month-on-month decline in the list. "the terminal prices of Mercedes-Benz and Audi dealers are relatively low, and the price of new cars affects the price of used cars," the report said. BMW, Volvo and other traditional luxury brands have bright spots in electrification, and brand value can be maintained. "

In terms of joint venture brands, the top two are still Japanese brands Toyota and Honda, with a three-year preservation rate of more than 60 per cent, but Toyota's three-year preservation rate fell 0.2 per cent to 63.1 per cent from the previous month. In addition, the three-year preservation rates of Nissan, Mazda and Mitsubishi, which are also Japanese brands, also decreased month-on-month, by 1.7%, 0.5% and 1.4%, respectively.

In other words, among the Japanese brands in the list, only Honda showed a slight increase, rising to 64.6% from 64.0% in January, while the preservation rates of the rest of the Japanese brands showed a downward trend. It should be noted that Mitsubishi Motors has announced its dissolution and delisting in October 2023. In addition, Mitsubishi Motors has announced the termination of domestic production, and its Hunan plant will be taken over by GAC Ean, which also means that Mitsubishi Motors will officially withdraw from China. According to the latest report, the national enterprise credit information publicity system shows that GAC-Mitsubishi Automobile Co., Ltd. has changed its industrial and commercial name to Hunan Zhiheng Automobile Management Co., Ltd. at the same time, Mitsubishi Automotive Industry Co., Ltd., Mitsubishi Commercial Co., Ltd. withdrew from the ranks of shareholders, and the company added new energy vehicle sales, parking services and so on.

In the list, in addition to Japanese brands, the preservation rate of Korean, American and French brands has increased significantly. Among them, Buick had the highest increase of 3.7%, Hyundai 2.8% and Citroen 2.4%.

Let's take a look at independent brands. In February, the ranking of the three-year preservation rate of independent brands tended to be stable, but the collective preservation rate declined month-on-month in February. Specifically, Chuanqi is still at the top of the list, and its preservation rate has remained first since it surpassed Wuling in January 2023, falling 0.5% to 66.3% in February from the previous month. Lectra and Wuling, which ranked second and third, also had a value preservation rate of more than 60%, with their value preservation rates of 60.1% and 60.0% respectively, down 0.3% and 0.4% respectively from January.

Among the 15 car companies on the list, the Pentium hedge rate, which ranked last, fell the most, falling 2.4% to 46.9% from 49.3% in January. The report points out that the main reason is the gradual weakening of the competitiveness of Pentium models and the absence of popular models.

Finally, let's take a look at the field of new energy vehicles. With the gradual increase in the overall permeability of new energy vehicles, the preservation rate of trams also increased slightly in February. According to the power type, the value preservation rate of plug-in hybrid models in three years is 55.3%, up 0.1% from 55.2% in January, and that of pure electric models is 54.7%, up 0.1% from 54.7% in January. "prices were stable in the first ten days of February, but used car trading basically stagnated, with the uncertainty of policy and price of new energy vehicles making automakers more worried," the report said. Tesla and BYD, the two "leaders", took the lead in official decline, and the preservation rate will decline further after the New year. "

In the list of pure electric vehicles, the top three pure electric vehicles with 1-year-old preservation rate are Porsche Taycan, ZEEKR 009 and Tengli D9, while the top three 3-year-old pure electric vehicles are Porsche Taycan, Mercedes-Benz E-Star and Euler Cat.

In the plug-in hybrid list, the top three 1-year-old plug-in hybrid models are Panamera E-Hybrid, Cayenne E-Hybrid and Tengli D9, respectively. In addition, BYD's multiple plug-in hybrid models rank in the list top15; the top three plug-in hybrid models with 3-year-old preservation rate are Cayenne E-Hybrid, Panamera E-Hybrid and 4xe, respectively.

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.

Welcome to subscribe to the WeChat public account "Automotive Industry Focus" to get the first-hand insider information on the automotive industry and talk about things in the automotive circle. Welcome to break the news! WeChat ID autoWechat