China Used NEV Market Surge

With the acceleration of the renewal pace of NEVs in China, the transaction scale of used NEVs has been continuously increasing. It is expected that the trading volume of used NEVs throughout 2025 will reach 1,043K units, with a penetration rate of 8.1%, and the market size will reach 145 billion yuan.

Compared with the situation where the service life of ICEs mainly concentrates on more than 6 years, NEVs are updated and replaced more frequently, resulting in a general service life of within 2 years, and the proportion of those with a service life of over 4 years has decreased significantly. This also brings huge room for the used NEV market.

Compared with ICEs, the transaction prices of used NEVs have dropped sharply. In 2025 Q1, the average transaction price of used NEVs was 129.6k yuan, a decrease of 6.8% compared to 2024, while ICEs saw a decrease of 2.9% compared to 2024. Among the major market segments, B-SEDAN and A-SEDAN have seen a decline of more than 10%, while B-SUV and A-SUV have decreased by 8.6% and 6.4% respectively.

The trading volume of used NEVs has rapidly increased in various provinces and cities. Among regions with over 10% share in national used NEV transactions, Shanghai accounts for nearly 20%, Henan accounts for more than 15%, and Tianjin and Hainan reach 13.9% and 13.4% respectively. In addition, Hebei, Beijing, etc. also exceed 10%.