Luxury Used Car Prices Drop in June Amid Weak Market Demand

In June, prices for used luxury vehicles generally declined, and transaction volumes came under pressure. Some Bentley Flying Spurs over eight years old were listed in Qingdao’s used car market at around RMB 268,000, entry-level Porsche Macans sold for approximately RMB 150,000, and certain used Volkswagen Touaregs changed hands for about RMB 68,000. According to resale value data for luxury brands released that month, Porsche retained 58.5% of its value after three years, Tesla 56.4%, and Lexus 54.4%. Resale values for Mercedes-Benz, Land Rover, BMW, and Audi all declined month-over-month, with only Jaguar seeing a slight increase of 0.2 percentage points. The China Automobile Dealers Association reported a Used Car Manager Index of 43.5% for June, down 2.9 percentage points from the previous month, remaining below the 50% mark that separates expansion from contraction and indicating continued market weakness. The association noted that the overall used car market faced downward pressure due to seasonal sluggishness, hot and rainy weather, and mid-year promotional activities in the new car market.