A few days ago, the China Automobile Dealers Association released the 2022 automobile retention rate report. Due to the increasing downward pressure on the economy last year, the automobile consumer market suffered a greater impact, and the performance of the end market was weak. In 2022, the reshuffle of various automobile brands accelerated, and after experiencing crises such as sluggish sales, change of ownership, business shutdown, and debt disputes, some brands withdrew from the market, which also had a greater impact on used cars.
Overall, the retention rate of automobiles in 2022 has decreased compared with last year, whether it is Japanese brands with a high retention rate before, or other representative markup models. Porsche, Lexus and Toyota became the top three with the highest brand retention rate.
Model retention rate:
The retention rate of the three markup "god cars" exceeds 100%
From the perspective of three-year retention rate, among the three models with the highest retention rate, Mercedes-Benz G-Class, Alpha and Prado all have a three-year retention rate of more than 100%. The reason for this peculiar phenomenon is mainly because new cars are sold at a markup and are in short supply, and the retention rate is calculated using the official guidance price of the new car, rather than referring to the actual transaction price after the markup.
The retention rate of Mercedes-Benz G-Class in 2021 has exceeded the former value-preserving "god car" Prado, in addition to tight supply and demand, but also because of the serious price increase of new cars. According to a Guangzhou Mercedes-Benz dealer, the car is currently priced at about 350,000. In recent years, Elfa's "markup wind" has converged, but the relationship between supply and demand has made its used car prices still firm. Since the discontinuation of Prado, there is no National VI version of the emission standard for the domestic market, due to the imbalance between supply and demand, dealers have increased sales to 200,000 yuan, and the price of second-hand cars has also risen.
However, the retention rate of these models exceeds 100%, which only means that its price will be higher than that of ordinary models, and it does not mean that these models will be sold to the second-hand car market three years later, and the price will be higher than when they started.
In last year's top 10 retention rate, medium and large SUVs accounted for three seats, and MPVs also had three models listed. It is worth mentioning that the two performance cars Audi RS4 and S4 that entered the top ten have a retention rate of more than 85%, and in the field of mid-size cars, they also surpass the mainstream Japanese models such as Accord and Camry. Although the value-preserving "god cars" such as Highlander and Fit cannot squeeze into the top ten, they still rank first in the field of mid-size SUVs and small cars.
In recent years, if you want to talk about models with a relatively high retention rate, Porsche Cayenne and Panamera, Mercedes-Benz C-Class and E-Class, BMW 3 Series and 5 Series, Lexus ES and RX, Fit, Civic and Highlander and other models will be on the list. However, last year, for the second-hand car market, factors that were "unfriendly" to the retention rate increased, including the full liberalization of the National V restriction in the Pearl River Delta region at the end of May, the halving of the purchase tax superimposed on the purchase tax, and the price reduction of new cars that lasted from the beginning of the year to the beginning of the fourth quarter. Therefore, for many second-hand car dealers in Guangzhou and Foshan, since the second half of last year, the overall second-hand car retention rate has been greatly reduced.
Brand retention rate:
Porsche is the tallest, and the overall performance of the Japanese system is strong
In January ~ December 2022, the cumulative transaction volume of second-hand cars for the whole year was 16.0278 million units, a year-on-year decrease of 8.86%, a decrease of 1.557 million units compared with the same period, and a cumulative transaction amount of 1.059591 billion yuan.
In terms of brand retention rate last year, Porsche continued to be the car brand with the highest retention rate in China with 92.63%. This is followed by Lexus and Toyota. Among the top 10 brand retention rates, Japanese brands account for half. In addition to Porsche, the BBA German luxury brand Troika also entered the top ten. It can be said that German and Japanese brands have a strong performance in terms of car retention rate. Wuling Motors has become the only independent brand to enter the top ten in the retention rate, mainly due to Wuling's high market ownership and affordable price.
Among the several Japanese brands on the list, these old faces of Toyota Honda have maintained a high residual value for many years due to sufficient brand reputation and quality reliability. And Subaru, which has a very small market share, can also squeeze into the top ten in the value retention rate ranking, which some people will find strange. In fact, sales volume and retention rate cannot be equated. Because Subaru has its own special circle of players, and has distinct technical attributes, and its own transaction volume in the used car market is not large, the price of used cars is not low. On the contrary, BYD, the global champion in new energy and domestic passenger car sales in 2022, is actually unable to make the list, which is mainly related to the generally low three-year value retention rate of new energy vehicles. NIO and Tesla, as two new energy vehicle brands that can squeeze into the top 30, have a retention rate of around 60%.
In terms of mainstream independent brands, except for Wuling, Lynk & Co and Trumpchi, which rank relatively high, most of the other retention rates are in the top 20, and the performance is close to the two Korean brands of Hyundai and Kia, and the overall strength is stronger than that of American brands. The retention rate of American brands is generally not high, even the highest ranked Buick, the three-year retention rate is only 65.53%. The retention rate of the five American brands, including Tesla, is less than 60%, which can only be compared with Acura and Infiniti, which have been marginalized in the Japanese camp.
Nandu Bay Finance Agency reporter Liang Luozhe (the value retention rate data in the article is provided by China Automobile Dealers Association United Precision Valuation Information Technology Co., Ltd.)