Automobile industry

Report on China’s automobile value preservation rate in February 2021 From China Automobile Circulation Association

The following is the Report on China’s automobile value preservation rate in February 2021 From China Automobile Circulation Association recommended by And this article belongs to the classification: Automobile industry.

On March 2, 2021, China Automobile Circulation Association and Jingzhen appraisal jointly released the Research Report on China automobile value preservation rate in February 2021. The purpose of the study is to reflect the brand’s comprehensive strength, such as product strength, recognition and reputation, and provide important data reference for future repurchase, replacement, leasing, finance, new car pricing reference and other related businesses, so as to reduce business risks and improve business efficiency.

Policy direction: automobile is the pillar of consumer market

In order to promote the transformation of automobile from purchase management to use management, and further release the potential of automobile consumption, the Ministry of Commerce printed and issued again the work guide for promoting automobile consumption in the business field and the local experience and Practice for promoting automobile consumption before the Spring Festival, and introduced the successful experience of various regions in 2020. In the “guide”, the tangible market of second-hand cars has also become the main concern in the business field. Providing consumers with “one-stop” services such as transaction, tax payment, registration and insurance will become the upgrading direction of the tangible market or dealers in the future. The scale, standardization and informatization of second-hand car operators are the inevitable trend in the future. In the guide, in addition to naming “second-hand cars” directly, the work guide also mentions measures such as “trading in old cars for new ones” and “enriching automobile consumer financial services” to indirectly benefit the second-hand car market.

Hot event: Shanghai new energy vehicle industry will speed up

In order to achieve the 2025 KPI, Shanghai’s local policies also put forward a number of specific work contents and safeguard measures, including talent incentive. Industrial talents directly settled in Shanghai, once on the “hot search”. In terms of enterprises, in addition to supporting SAIC, other “unicorn” enterprises are also introduced. The construction of supporting facilities is also the focus of this “speed up”. The supporting facilities include not only charging piles, but also a large number of intelligent transportation facilities, such as traffic lights, high-definition video surveillance, cloud network platform, etc.

Change of source quantity on the line

The main source of second-hand cars is still replacement, and the old cars that owners dispose of when they buy new cars directly affect the source of second-hand cars. There were fewer replacement cars in February, because the new car market was hot from December to January, and the demand was overdrawn in advance. At the beginning of the year, both new cars and second-hand cars had “waiting policy”, including the supposed financial subsidies and purchase tax concessions, as well as the manufacturer’s profit giving policy. Consumers will get more benefits from “waiting” when they buy a car. During the Spring Festival, the market entered a short dormancy period, which is also in line with the seasonal market of previous years.

The value preservation rate of each level presents the festival market

As the number of cars shrinks, the price of low-cost cars that used to dominate the market generally declines. In February, only medium-sized and medium-sized sedans rose in price, among which luxury brands were the main ones. This month, the price of SUV second-hand cars has declined in an all-round way. If we compare the second-hand market with the new car market, we can find that the inherent perception of SUV high price is not tenable in the second-hand market. The value preservation rate of SUV is the same as that of car. Among MPV, the price of low-end cross type passenger car (micro surface) has decreased, and the high-end MPV benefits from the launch of new generation products, with high attention and market price.

Luxury brand value preservation rate luxury brand price reduction

The high cost of capital is one of the reasons why car dealers rush to sell during the Spring Festival, which leads to the low retail price of second-hand cars. As an electric vehicle brand, Tesla is limited by the single type of products, and its value preservation rate is still difficult to challenge the traditional luxury brands. With the improvement of domestic automobile manufacturing level, the premium of imported brands has gradually decreased, and the value preservation rate of used cars of Porsche, Lexus and imported Tesla has decreased significantly. The substitutability of imported cars is already very strong, and the advantage in quality is already negligible.

Luxury brand segmentation: domestic Audi is not as strong as imported Audi

For overseas luxury brands, the cost reduction and price reduction after localization will significantly improve the value preservation rate of second-hand cars. Mercedes Benz, BMW’s successful experience ahead, Tesla will also benefit after localization. It is expected that cash model 3 and model y will have first-class performance in the future. Among the luxury brands, Audi faces the most severe competition. It is the only luxury brand whose value preservation rate of imported models is higher than that of domestic models. With the development of SAIC Audi joint venture project, how to position the product price of the two joint venture manufacturers will also test the brand’s decision-making ability.

Mainstream overseas brand value preservation rate: Top 10 brands stable

In most of the used car prices are falling in the season market, there are still individual Japanese brands bucking the trend, Mazda and Mitsubishi ranking. The product upgrading cycle of these two brands is also different from that of other mainstream brands. For example, the spy photos of Mitsubishi Outlander recently revealed that there is a significant time difference between the two brands and other joint venture brands. Mazda has also started the transformation of electrification, attracting media attention. Korean brands have substantially updated their products in 2020. Although the new models have not yet entered the second-hand market, the brand exposure has increased and the image has improved, which indirectly promotes the price stability.

Self owned brand value preservation rate and user circle iteration

After years of hard work, independent brands have formed several “head” enterprises. The comprehensive strength of Chang’an, great wall and Geely is outstanding. At a time when market prices are generally declining, the products of these leading manufacturers are still popular and it is difficult to reduce prices. Link brand value preservation rate this month than “shenche” Wuling, should be seen as a fundamental change in consumer demand. The number of consumers pursuing performance and quality is gradually surpassing that of “pragmatism”.

New energy vehicle market changes: license plate index inclines to pure electric

The promotion and application policy of new energy vehicles is also a regulatory policy. The purchase restriction of super large cities is still difficult to lift in the short term. Among the experiences of promoting local consumption mentioned above, Shanghai also has successful experience. In 2020, it will issue 40000 additional indicators and support the replacement of existing fuel vehicles with new energy vehicles. This new deal continues the previous ideas, and further refines the support for pure electric vehicles in terms of “additional purchase” and limits plug-in hybrid. In the choice of “plug-in” and “pure electricity” technology route, the policy has been tilted, and has become a hot spot in the industry.

The value preservation rate of different types of new energy electric vehicles and the decline of “hardware” value of electric vehicles

The hardware upgrade of pure electric vehicles has slowed down, and the software upgrade is more frequent, and has gradually become a trend. At present, the proportion of vehicle hardware in the vehicle value is also gradually declining. Most of the second-hand vehicles do not have OTA upgrade capability, which has a greater impact on the residual value of pure electric vehicles.

Preservation rate of different types of new energy vehicles

Tesla’s imported model X and models are about to usher in the first major upgrade. With the release of product information and prices, there is no discussion on whether to reduce the price. This is in sharp contrast to the several price adjustments of the domestic model 3, which caused a sensation. It is a normal market rule for any brand product to be re priced after being upgraded. When the product performance and parameter configuration change, it is reasonable to draw up different prices. Only when there is no change in the price of products, can it be called “official drop”. It is helpful for consumers to choose products suitable for their own needs to rationally treat the change, replacement and price adjustment of automobile products. Among the main products in the new energy market, overseas brands are leading in the value preservation rate, and they still have a certain brand premium. Weilai, Rongwei and BYD are the top independent brands in this month. We still need to continue to work hard to overtake.

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