Gasgoo.com (Shanghai December 30) - With new vehicle sales growing less than two percent, used automobile are becoming more and more popular in China. According to a report appearing on Economic Observer News, the China Automobile Dealers Association released statistics showing that 3.05 million used vehicles changed hands in the first three quarters of the year. The number of vehicles sold was 12.04 percent higher than in 2010, and brought in a total of 145.39 billion yuan ($22.86b).

According to the CADA statistics, SUV sales increased the most, with 53,500 vehicles totaling 8.03 billion yuan ($1.26b) changing hands. CADA Deputy Secretary Shen Rong is satisfied with how the market for second-hand vehicles has developed in the country, and expects a total of 4.2 million used vehicles to be sold before the end of the year. Used vehicle sales this year have erupted the same way new car sales did two years ago, Mr. Shen comments, adding that he predicts five million used vehicles to change hands in 2012.

As far as price is concerned, Mr. Shen notes that used vehicles are continuing to get cheaper, with prices for SUVs falling noticeably. Currently the average price for a used vehicle is around 70 percent of its respective new model, while that same figure is around 50 percent in mature markets.