June 13, 2018 by Emily Jackson
(Source: Business Times) CHINA’S huge bet on new-energy vehicles has understandably gotten the world’s attention. But a less-flashy phenomenon now underway may be at least as consequential for the environment in the near term: China is finally getting into used cars.
A familiar ritual in most countries, buying vehicles secondhand had until recently been all but unknown in China. In most markets, sales of used cars outpace those of new ones by a wide margin, usually two-to-one or more.
About 39 million used cars were sold in the US last year, for instance, compared to 17 million new ones. In China, the opposite prevailed: 29 million new cars sold, and just 12 million used ones. That’s thanks to some quirks in China’s car market. Read full article