China: Demand for new cars drop, used cars rise

Posted By Alex Naumov on May 23, 2016 at 12:37 PM

ship-car-to-china.png

Despite China's attempts to encourage imports, the number of new cars being exported to China in containers have fallen by over 50%.  Compared to last year, just over 3,200 new cars were shipped from the United States to China during the first quarter.

The economic uncertainty in China, as well as the fears of a recession are stacked against new car exporters. According to McKinsey's latest report, the rate of annual growth in new car sales will drop by half for the next five years. As a result, used cars are growing in popularity. The report shows nearly half of all consumers considered a used vehicle when shopping for a car, versus 11% of buyers in 2011. The status symbol of owning a new car is slowly fading in China. 

Top car brands shipped from the US to China in Q1 2016:

Mercedes GL
Land Rover Range Rover
Ford Mustang
Toyota Sienna
Lexus LX
Maserati Quattroporte
Porsche Caynne
BMW X5

Topics: China




Subscribe to our Newsletter







Shipping Calculator



RSS Feed

Insane 900hp Corvette C7.R from Gumball 3000

When Chevrolet participates in endurance racing it uses the Corvette C7.R race car which produces just under 500hp. Apparently the horsepower was not enough for the owner of this Corvette C7.R...Read more

10 Incredible Cars For Sale At This Year's Monterey Car Auctions

Photo Courtesy of RM Sotheby's It's that time of the year again when thousands of incredibly special cars go on sale in California. Taking place each year, the Monterey Car Auctions attract...Read more

What the Proposed 2040 UK Ban on Internal Combustion Engine Vehicles Means For Classic Cars

The UK government has announced a plan to ban the sale of new vehicles powered by internal combustion engines starting in 2040. They also plan to impose further taxes on high polluting vehicles, and...Read more