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A few days ago, the China Automobile Circulation Association released the "Research report on China's Automobile value retention rate in July 2024". The report includes the ranking of national brands, national models, all levels of models and the preservation rate of new energy vehicles. Let's take a look at what changes have taken place in the preservation rate of cars in China in July 2024.

The report shows that the 3-year-old value preservation rate of all levels declined collectively in July. Among them, small cars, compact cars, medium and large cars fell 0.9%, 1.3%, 0.7% and 0.5% respectively compared with June, while small SUV, compact SUV, medium SUV and medium and large SUV fell 0.3%, 0.1%, 1.0% and 0.4% respectively. The reason for the collective decline in the three-year-old value preservation rate of all levels in July is related to the price war for new cars, the report said. in addition, the continued decline in used car prices has led to the withdrawal of some automakers. At the same time, old cars are scrapped to stimulate new car sales, which may replace the previous replacement path.

In terms of the value preservation rate of national brands, among the luxury brands, the top five car companies are Porsche, Mercedes-Benz, Lexus, BMW and Audi. Among them, Lexus and Audi's three-year-old preservation rate increased slightly from the previous month, increasing by 0.1% and 0.2% respectively, and the three-year-old preservation rate was 58.4% and 56.0% respectively. Porsche is the only car company with a preservation rate of 73.1%, but it is down 1.4% from the previous month. Mercedes-Benz and BMW fell 1.6% and 0.5% respectively.

In addition, Land Rover, Lincoln, Tesla, Cadillac, Volvo, Acura, Jaguar and Infiniti also declined from June. Among them, the most obvious decline was Acura, which fell 3.4% to 44.2% from 47.6% in June, followed by Jaguar with 2.9%.

In terms of joint venture brands, the top three brands on the list are all Japanese brands, namely Honda, Toyota and Nissan, but the three-year preservation rates all showed a month-on-month decline, with preservation rates of 60.0%, 55.7% and 53.1% respectively, down 2.5%, 3.1% and 1.4% respectively. The preservation rate of Mazda, which is also a Japanese brand, was 52.4%, down 1.3% from the previous month, while Mitsubishi's decline was even more pronounced, falling 3.9% to 47.8% from the previous month, but Mitsubishi Motors announced its dissolution and delisting in October 2023. On the whole, the three-year preservation rate of Japanese brands showed a collective downward trend in July.

Other brands, including Kia, Volkswagen, Buick, Hyundai, Ford, Jeep, Skoda, Chevrolet and Citroen also showed declines. Among them, the most obvious decline was Citroen, which fell 3.7% to 46.3% from 50.0% in June, followed by Chevrolet with 3.3%. Peugeot is the only brand on the list that has seen an increase in value preservation, up 0.2 per cent. The report points out that competition among joint venture brands is still fierce, and the used car market has a preference for brands, but it is not overly paranoid about a single car line or model, including an improvement in the value preservation rate of Volkswagen, Mazda and Buick brands. mainly due to the launch of new cars or warm-up before the launch.

Let's take a look at independent brands. The preservation rate of most independent brands also declined in July, especially the rapid depreciation of high-end brands. Specifically, Chuanqi is still at the top of the list, and its preservation rate has remained first since it surpassed Wuling in January 2023, with a preservation rate of 61.6% in July, down 1.9% from the previous month, followed by Leike and Changan, with a preservation rate of 55.9% and 55.8%, respectively, and Wuling and Geely 55.6% and 55.0%, respectively.

In addition to the top five brands, including Harvard, Chery, Mingjue, Auchan, Roewe, BYD, Baojun, Red Flag, ideal, Pentium, the value preservation rate of three years has decreased to varying degrees. Among them, the preservation rate of BYD was 50.7%, down 2.4% from the previous month.

Finally, let's take a look at the field of new energy vehicles. Although the overall penetration of domestic new energy vehicles is gradually increasing, the preservation rate of new energy vehicles still has a slight decline in the second-hand car market. According to the power type, the value preservation rate of plug-in hybrid models in three years is 47.9%, down 0.8% from 48.7% in June, and that of pure electric models is 48.5%, down 1.8% from 50.3% in June.

In the list of pure electric vehicles, the top three pure electric models are Model X, Model S and Xilai ET5T;. The top three models are Porsche Taycan, Mercedes-Benz E-Star and BYD dolphin.

In the plug-in hybrid list, a number of plug-in hybrid models ranked in the list top15. The top three plug-in hybrid models were Cayenne E-Hybrid, Tank 500 New Energy and Panamera E-Hybrid, respectively. Chuanqi E9, ideal L7, ideal L9, Tengli D9, ideal L8, Wrangler 4xe and Wei Brand Lanshan models all entered the top 10; the top three models with three-year preservation rate were Cayenne E-Hybrid, Panamera E-Hybrid and 4xe, respectively.

The China Automobile Circulation Association pointed out in a report that the decline in car supply in July is a normal seasonal market, but some car owners choose to scrap their used cars, so the trading volume of used cars remains to be seen.

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