Chinese used car market sees decline due to coronavirus crisis

China’s used car market saw a decline in March as COVID-19 cases in the country forced many automakers to temporarily halt business, according to the China Automobile Dealers Association (CAAA).

In March, about 1.32 million used cars were traded nationwide, a decline of 15.99 percent year on year, with the transaction value reaching 91.13 billion yuan ($14.30 billion), according to the association.

During the first quarter, the transaction volume of used cars declined 1.93 percent year on year to 3.88 million units. Sales amounted to 272.68 billion yuan.

The transaction volume of the used car market is expected to decline by over 10 percent year on year in April due to the coronavirus crisis, the association said.

About 178,764 people in China, have been confirmed as being infected with the coronavirus. The virus has killed 4,638 people in the country. Although these figures are heavily disputed and experts say the government has deliberately under-reported the figures.