Used car market to skyrocket
27 February 2007
China's used car market is expected to boom over the next two years as 36% of current car owners plan to buy a new or used vehicle, according to the China Association of Automobile Manufacturers, state media reported. Statistics show that more than 1.9 million used cars were traded in China in 2006, up 31.5% over 2005, a growth rate that was 6.37% higher than that of new car sales. It is the third consecutive year that used car sales growth beat the growth of new car sales. China overtook Japan to become the world's second-largest market for new vehicles in 2006 after the United States.
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