Report: compact sedans most popular among used vehicles

Compact sedans were the most popular choices for Chinese used vehicle buyers this year, accounting for one third of their sales in the country, according to a report JD Power and 58 Auto released on Tuesday.

They were followed by compact SUVs, which had a market share of 14 percent.

The report said such models are popular among new car buyers and consequently their number is big in the used vehicle sector. Their good value for money when sold as used vehicles helped boost their share as well.

Vehicles from Sino-German joint venture FAW-Volkswagen had the lion's share of China's used vehicle market, making up 9.5 percent of all used vehicles sold this year.

But those from Japanese brands were sold at the highest prices. The report shows that Dongfeng Honda's vehicles were traded at an average price of 119,500 yuan ($18,701). Those from GAC Honda fetched 104,600 yuan on average.

China's used car market has been growing steadily and is expected to reach 16 million units in 2021.

Statistics from the China Automobile Dealers Association show that a total of 1.5 million used cars were sold in August, up 12.08 percent year-on-year and 2.69 percent month-on-month. The transaction amount reached 97.11 billion yuan ($15.08 billion).

Sales from January to August stood at 11.39 million units, an increase of 40.38 percent compared to the same period last year, and 22.84 percent compared with 2019.