When buying a car, buyers pay attention to quality and price, which have the greatest influence on the decision of which car to choose, and Chinese EVs have an advantage here. However, research has shown that they also lose value faster than other Asian brands.
Given the current economic situation, it makes sense that buyers prefer safer options when it comes to used cars. That’s why brands with proven reliability tend to be the first option, and Chinese cars do not have that status. They still play a smaller role in the used car market, but as their brands increase sales, the stock of used cars will also increase.
Platform for used cars (Oto) recently published a study showing that certain Chinese cars lose up to 33 percent of their value in just two years. This is a much higher rate of decline in value than South Korean brands, whose cars record a decrease in value of less than 20 percent, while Japanese cars have a decrease of up to 12 percent in the same period.
Also, it should be remembered that an affordable car does not necessarily have a higher depreciation rate, as evidenced by the cars of the Romanian brand Dacia. Their used cars still have a fairly high price, which is currently almost impossible for Chinese brands. It will take a long time for Chinese cars to earn the status of reliable, which is not so easy to achieve. Those who have been on the market for a long time know this, because European buyers are not naive, at least when it comes to car brands.
Source: VnExpress International
