Recently, the China Automobile Dealers Association and Jingzhen Estimation jointly released the "March 2022 China Automobile Retention Rate Research Report". Through the retention rate research, it aims to reflect the comprehensive strength of the brand's product strength, recognition, reputation, etc., and provide important data references for future repurchase, replacement, leasing, finance, new car pricing reference and other related businesses, thereby reducing business risks and improving operational efficiency.
Policy direction
Local policy support
In terms of new cars, the Shenzhen Municipal Bureau of Commerce launched the 2022 "old-for-new" car purchase incentive, which promoted the replacement and will also benefit the local second-hand car transaction. After March 28, consumers can apply online: the purchase price of fuel vehicles above 300,000 yuan (inclusive) reward 5,000 yuan, 3,000 yuan below 300,000 yuan reward. The unified reward for the purchase of new energy vehicles is 5,000 yuan.
Hot events
Beijing Consumer Association "roll call" used car trading platform
Although there is no mention of cars at this year's "315" party, the protection of consumer rights and interests has not stopped. For the hot topic of used cars, the Beijing Consumers Association released a survey report in March, and the sample showed that there were significantly more problems with online platforms.
The opinions and suggestions put forward by the Consumer Association include: strengthening information disclosure and promoting fairness and justice in transactions; establishing an evaluation system and clarifying vehicle testing standards; cracking down on illegal acts and maintaining market operation order; improving the service system and promoting the benign development of the industry; scientific and rational consumption, and paying attention to protecting their own rights and interests.
Monthly vehicle volume decreased month-on-month
Due to the emergence of a nationwide epidemic, car dealers are not spared, and the reduction in the replacement of 4S shops is due to the suspension of business in some areas on the one hand, and the other reason is that new cars are "difficult to deliver", resulting in consumers delaying the replacement plan. The online source performance of used cars is slightly better than that offline. Some e-commerce platforms have carried out new energy vehicle business, which is a supplement to the overall vehicle source. The decline in vehicle traffic narrowed this month.
The retention rate has decreased significantly
The off-season of trading combined with a number of unfavorable factors such as the epidemic has led to a significant slowdown in the circulation of used cars. Car dealers under inventory pressure need to reduce prices to facilitate delivery. This month's used car price cuts are universal, with no significant features in brand and model preferences. Small SUVs have the smallest decline in retention rate, making this category the category with the least operational risk, and prices have remained stable for a long time.
Luxury brands performed steadily
Although Cadillac has a large discount on the terminal of the new car, the quality of the vehicle has long been recognized, and if the retention rate is calculated by the transaction price, the consumer does not lose. Tesla's crackdown on "scalping orders" is the most radical and objectively protects the interests of consumers, which mainly refers to the new car market.
The difference between the used car market and the new car market is that the used car trade actually requires a lot of middlemen to provide services. The positive effects of used car middlemen far outweigh the negatives. Used cars are used as commodities, bicycle prices are high, and consumers need professionals to help them avoid risks.
The retention rate of most joint venture brands declined
Joint venture brand used cars are still the mainstream of the market, and among the used cars with longer car age, the quality of joint venture brand products is still better. Changes in the new car market have not yet been passed on to the second-hand market. Even brands such as Mazda and Kia, where new car sales have stopped, still have a high retention rate in the second-hand market. The positive transformation of Jeep and Kia has injected new vitality into the brand. After experiencing the controversy with the self-media, although the citroen brand has increased its attention, its reputation has been mixed, and the retention rate has temporarily declined.
Small changes in independent brands
This round of new energy vehicle price increases has temporarily led to some second-hand car price increases, which are more obvious in independent brands, while overseas brands have not significantly benefited, and prices have declined. MG, Roewe, BYD and other brands have a higher proportion of new energy vehicles, becoming a stronger brand this month. The listing of Trumpchi's GS8 new model continues to drive the attention of this product and bring about an increase in the retention rate. Wuling and Chang'an have declined significantly this month.
Luxury compact SUV
In luxury compact SUVs, new cars have certain discounts. Lexus relies on the advantages of imported models and has an excellent retention rate. Among the joint venture brands, Mercedes-Benz, Cadillac and Acura occupy the top 3 of the joint venture, of which Cadillac and Acura have a higher retention rate than Audi Q3 and BMW X1.
Changes in the new energy market
New energy vehicles in Hainan Province are speeding up
Hainan Province is one of the most aggressive regions to promote new energy vehicles. By the end of 2021, the penetration rate of new energy vehicles in Hainan reached 25.8%; much higher than the national average. At the end of March this year, the Hainan Department of Industry and Information Technology launched a number of initiatives to accelerate the promotion of new energy vehicles. Specific measures include support for B-end operating vehicles and enterprises, including subsidies for new energy trucks, as well as subsidies for C-end consumption in the use of links. In addition, the Hainan New Energy Vehicle Supervision Platform has recorded the mileage and charging of vehicles, so it is more accurate in terms of accounting amount.
The obsolescence of older models has accelerated
Compared with the old model, the latest plug-in hybrid models are mainly reflected in: whether they support high-voltage fast charging, whether they have a high pure electric mileage, and comprehensive energy consumption. These technical improvements have enabled users to experience differences in the process of use. In the new car market, there has been a wave of price increases for new energy vehicles, and the performance of vehicles has also improved while the price has risen, maintaining the constant "cost performance", which is beneficial to the entire price system. Further analysis of the new car market, price increases are often difficult to drive sales and revenue, only able to screen customers. Some customers will choose to postpone their car purchase.
Retention rate of major models
The one-year vehicle age of pure electric new energy retention rate has increased, and the growth models are mainly concentrated in new energy mini vehicles and new car price increase models. The three-year vehicle age retention rate data decreased slightly compared with the previous month.
According to the data of the new energy heat list of the EasyCar App, BYD New Energy ranked 1st, and Weilai ranked 7th. For more data, please check it out on the EasyCar App.