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Chinese NEV (BEV and PHEV) resale values are up 30%, with Chinese media noting specific rises for BYD, Nio and Denza brands. Sales volume is also up 29% as more EVs become available on the used market. Used car dealers report scrambling to buy NEVs to resell.
Meanwhile used gasoline car prices have plummeted in China. Used car dealers are often selling for below what they paid. A car dealer noted a nearly 10% drop per month, losing 30,000 RMB ($4429 USD). Cars that recently sold for 300,000 RMB are now 200,000 RMB. Some are calling used ICE vehicles “unsellable.” As noted in a related article (Google translated):
The advantages of new energy vehicles in terms of operating costs and intelligent experience are becoming increasingly prominent, and a large number of family users are accelerating their shift to the new energy vehicle market.
Used NEV Values & Volumes Increase
