China’s Used Car Market Outpaces New Sales Growth

Used car sales in China grew faster than new car sales for a second straight year in 2012, and should account for half of all sales within seven years as the world’s biggest autos market matures.

While new cars still outsold used vehicles by more than 3 to 1 last year, they are sputtering after a period of breakneck growth, and the potential for the pre-owned market to be the industry’s growth engine is prompting foreign automakers to open more used-car outlets.

A key target for them are buyers like Jiang Meng, a 32-year-old office worker in the southeastern city of Guangzhou, who this month went shopping for a sport utility vehicle, and hadn’t considered a second-hand car until she came across a used car dealer run by Nissan Motors’ local joint venture.


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