Consumers in China sell new vehicles due to high ownership costs

Recent reports highlight a growing trend of Chinese consumers selling relatively new vehicles due to high maintenance costs and low utility. One individual, Chen Mingyuan, decided to sell a BMW 530Li valued at approximately 400,000 NDT (1.5 billion VND) after only one year and 4,000 km of use. The decision followed financial strain, as monthly loan repayments became a significant burden compared to other household necessities.

Similarly, a couple reported needing to sell a vehicle purchased for 200,000 NDT (775.8 million VND) after just four months. Beyond the monthly installments, the couple struggled with additional expenses including parking, insurance, and fuel, which, combined with rent, consumed a disproportionate amount of their monthly income.

Data from the China Automobile Circulation Association indicates that used vehicles under three years old account for 26% of total second-hand transactions. This suggests that the rapid resale of nearly new cars is a notable phenomenon, often driven by buyers underestimating the total cost of ownership during the first year.