The "hot" and "cold" of new energy used cars

Reporters Huang Lin and Zhao Yi reported in Shenzhen

Under the background of the decline in subsidies for new energy vehicles and the fluctuating prices of raw materials such as power batteries, new energy second-hand cars have once again attracted market attention.

Previously, many car companies, including Tesla, Xiaopeng Automobile, GAC Aeon and so on, launched their own new energy model value preservation services. However, it is worth mentioning that most of the model value preservation services launched by new energy vehicle companies on the market are aimed at models priced at more than 200,000 yuan.

"China Business Daily" reporter visited Shenzhen, Guangzhou, Zhuhai and other places of second-hand car trading stores, found that some second-hand car trading houses do not sell new energy second-hand cars, and in the sale of new energy second-hand cars in the store, some sales staff told reporters that the current high-end new energy second-hand car market of less than 300,000 yuan is relatively good, including BYD Han and so on.

On the one hand, the trading volume of new energy used cars has increased year-on-year; on the other hand, new energy used cars are slightly lonely compared with the first-hand car market. Behind the "loneliness" is that the current retention rate of new energy vehicles is still generally lower than that of fuel vehicles of the same level, and there is no unified valuation standard, endurance problems, and technical iteration problems have become restricted factors in the new energy vehicle consumption market.

New energy used cars that have attracted attention

Public data shows that in February 2022, the domestic retail penetration rate of new energy vehicles reached 21.8%, and the number of new energy vehicles exceeded 7.84 million. Under the situation that gasoline prices ushered in the "9 yuan" era, the subsidies for new energy first-hand cars declined, and the price adjustment of new energy models, the consumer market's attention to new energy second-hand cars skyrocketed.

"The cost of new energy vehicles is low, and there is no need for purchase tax, coupled with unlimited purchases, the trend of the social environment is more inclined to use new energy vehicles, and more and more consumers are consulting new energy used cars." At a second-hand car trading store in Shenzhen, a salesperson told reporters.

The popularity of new energy first-hand cars has driven the attention of new energy second-hand cars. According to the daily car auction report, the transaction volume of new energy used cars in 2021 increased by 65% year-on-year. At the same time, the sales situation of new energy second-hand cars and new energy first-hand cars is similar, and the transaction volume of independent brands is leading. In the february 2022 report of Daily Auction Car, the top five in the transaction volume of pure electric vehicles are all independent brands.

At present, the selling price and inventory turnover of new energy second-hand cars have been significantly reversed. On the Guazi second-hand car platform, the reporter searched for "new energy" as a keyword and found that the number of new energy used cars on sale has exceeded 1,000, and the price ranges from 60,000 to 280,000 yuan, with large choice space and many model styles.

However, while new energy second-hand cars have received attention, the topic of retention rate has been mentioned again. Data released by the China Automobile Dealers Association in November 2021 showed that the retention rate of pure electric used cars that have been used for three years is less than 50%. The reporter found that the new energy model with a three-year retention rate of 70% has a first-hand price of more than 200,000 yuan, which belongs to the middle and high-end models. Obviously, in the new energy used car market, high prices are closely related to high value preservation.

Based on this, the sales consultant of Guazi used cars told reporters that the new energy used cars currently priced at about 200,000 yuan are more favored by the market. At the same time, the reporter also found that the service life of new energy second-hand cars priced at more than 200,000 yuan is mostly within one year.

It is worth mentioning that when the reporter communicated with BYD insiders, he believed that the probability of new energy first-hand cars such as MID-to-high-end series such as BYD Han being sold within three years was not large, "After all, the price and grade of the model are not low, and most car owners are more inclined to sell after five years." ”

In other words, although there are more choices for new energy used cars at present, most models are concentrated in new energy used cars with a first-hand price of about 150,000 yuan, and such second-hand models are priced at about 60,000 yuan. At present, the delivery of high-end models in the new energy first-hand car market is generally less than that of other models, and based on factors such as user habits, there are not many choices for high-end new energy second-hand cars favored by the market.

Power batteries that are difficult to preserve value

The 2021 new energy vehicle retention rate report released by the China Automobile Dealers Association shows that in terms of the three-year retention rate of new energy vehicles, the plug-in hybrid retention rate of Porsche Panamera and BMW 5 Series ranked first and second, the third place was Tesla Model X, the fifth was BYD Yuan New Energy, the retention rate was about 63.7%, and then more than 60% was Weilai ES8 and BYD Tang New Energy.

Pan Lei, an expert in the retention rate of the China Automobile Dealers Association, said that factors such as power battery technology, policies and supporting facilities, and market behavior have jointly affected the residual value of new energy vehicles. Among them, the power battery that is consumed is an important factor affecting consumers' choice of new energy second-hand cars.

A second-hand car shop owner in Shenzhen told reporters that the actual mileage of the second-hand new energy vehicle power battery is up to 300 kilometers, which is a significant reduction compared with the first-hand new energy vehicle, and this mileage can only support short-distance journeys such as commuting to and from work, which is more difficult for long-distance inter-provincial journeys and more serious damage.

It is worth mentioning that the current price of power battery raw materials fluctuates. As of March 16, the average domestic spot price of electrolytic cobalt was reported at 570,500 yuan per ton, and the average spot price of cobalt powder was reported at 645,000 yuan per ton; nickel materials were affected by the international market and recently fluctuated sharply.

In a pure electric vehicle, the cost of power batteries accounts for about 25% to 30% of the manufacturing cost of the whole vehicle. Therefore, if you want to replace the original battery pack of some low-end pure electric used cars, the cost of replacing the power battery will be higher than the purchase price.

In improving the retention rate of new energy used cars, the residual value of power batteries is the focus of discussion, and it is also a common problem in the field of new energy used cars. In the face of the above problems, the market has also ushered in a good development trend. At the time of the rapid development of new energy vehicles, models with long cruising range continue to pour into the market, and charging facilities, power exchange equipment, battery leasing, etc. have been developed one after another, providing a guarantee for the power battery replenishment and replacement of new energy used cars.

Among them, battery manufacturers are undoubtedly the most active executors of business such as layout and replacement. At the beginning of March, Chongqing Xinjing Tengfei Automobile Sales Service Co., Ltd., which is indirectly wholly owned by BYD, was established, and its business scope includes the sale of new energy vehicle power exchange facilities and the sale of charging piles.

In the NINGDE era, at the beginning of 2022, the company officially announced its entry into the battery replacement battery market, and released its new replacement brand - EVOGO Lexing power exchange. Based on the innovative combination of power exchange overall solution, Lexing power exchange has three characteristics: one electricity and multiple vehicles, on-demand rental electricity, and rechargeable and interchangeable.

At present, it seems that the problem of residual value of the power battery of the new energy vehicle used car can be fully solved by means of power battery replacement and battery leasing, and in terms of economic benefits, the above battery use method is beneficial to both the owner and the battery manufacturer. However, it should be noted that businesses such as power exchange still need a unified battery standard to ensure the adaptability of the battery and the model.

Car companies enter the second-hand car market

As the retention rate, power battery life and other issues surround the new energy second-hand car market, more automobile middlemen and new energy OEMs have issued plans to preserve the value of new energy models.

In guangzhou Zhongsheng Lexus 4S store, the reporter learned that for the Lexus pure electric UX 300e model, consumers can choose to buy a first-hand car in installments of three years. At the same time, the store can also buy back new energy used cars. According to the store's car purchase plan, the retention rate of Lexus pure electric UX 300e models in three years is about 70%, and the retention rate is relatively considerable.

In addition, GAC Aeon launched the AION Care+ value preservation service for AION V Plus. It is understood that AION Care+ is not limited by conditions such as urban location, and users can handle repurchase business at any sales store of GAC Aeon. According to the AION Care+ agreement, AION V Plus will take a two-year 20% discount repurchase, and if the maximum price of the used car market does not reach 70% off at the time of repurchase, GAC Aean will make up the difference.

Similarly, Xiaopeng Motors, Tesla and other new car-making forces have launched relevant new energy vehicle value preservation plans. The above-mentioned car companies may deploy new energy vehicle hedging plans for a certain model or in an all-round way, but it is worth noting that most of these new energy vehicle hedging plans or new energy used car repurchase programs are models with a first-hand car price of more than 200,000 yuan.

In addition, the reporter learned in the interview that although car companies have plans for new energy second-hand cars, most new energy vehicle companies only provide lifelong warranties and other rights or services to the first car owner, and the relevant rights and interests of second-hand car owners in new energy car companies are less than those of first car owners.

For new energy OEMs, the introduction of value preservation plans or repurchase programs is not only conducive to enhancing consumer confidence in purchasing new energy vehicles, but also beneficial to the back-end market of automobiles, including car insurance, power battery recycling and other business development, so that new energy vehicle companies can build a complete industrial chain ecology.

Behind the layout of the second-hand car market by new energy OEMs, the industry has put forward a more urgent demand for the valuation system of new energy used cars, and the relevant evaluation standards are expected to be improved.

On July 1, 2021, the group standard "Technical Specifications for the Identification and Evaluation of Used Pure Electric Passenger Vehicles" (hereinafter referred to as the "Specifications") issued by the China Automobile Dealers Association was officially implemented. It is reported that the "Specification" is the first group standard for services in the field of new energy second-hand car circulation in China, which clarifies the identification and evaluation process and method of second-hand pure electric passenger cars, and fills the gap in domestic standards in this field.

Looking at the entire second-hand car market trading environment, it is already more complicated than first-hand car trading. At present, the new energy second-hand car market is still in its infancy, in addition to facing the common second-hand car problem, the market still needs more policy guarantees, industry participants and other conditions to support, breaking through the power battery residual value and other problems.