People get even more access to inventory on nearby sites like Shanghai's Xin'an Market and Beijing's Yayuncun, which are large used car markets in those urban areas. Buyers can also see the cars close up and in person, which is useful in markets like Yayuncun, of over 100,000 square meters area, where one can survey vehicle fleet of two hundred proportions. In mainland China, visiting fabric markets is the first choice for sourcing as nearly 60% buyers in Beijing and Shanghai said they visit these places to look-up options due to their ease of convenience and great selections.
Certified pre-owned vehicles are also available from new car dealers, with brands like BYD and Changan selling used cars that come recommended by them. In addition, dealerships offer some level of inspection certifications and limited warranties that span from six months to one year. Sales data from the industry, however, have shown that demand for certified pre-owned vehicles has grown to more than 30 per cent of used car sales in recent years. Most dealerships add full vehicle history reports so that users will feel reassured before committing to buy the car they want.
Banks such as China Merchants Bank, ICBC offers loans with interest rates from 3.5%, and considering many years of car availability around 7 trillion dollars total amount of deposits over the risk-free rate higher than 1% to subsidize housing organizations. Buyers can spread the cost of their recent “Starship” editions over three to five years, as payment plans are financed by integraPay. This has made bank loans an increasingly popular path amongst the used car buyers who constitute about 40%.
With the process, vehicle inspections are involved as buying through internet platforms maybe complicated. Top marketplaces, such as Yiche release a third-party inspection reports that guarantees information transparency and foster trust. In 2022, the used cars that were up to buyer standards after third-party inspections accounted for nearly 80 percent of all vehicles purchased, according to the China Automobile Dealers Association.
Both online and offline markets give more flexibility and options for used cars for sale in China than before.
