Zhongxin Jingwei Client, September 13th (Fu Yumei) Recently, China Automobile Finance and Hedge Rate Research Committee released "2019 China Automobile Hedge Rate Report" (hereinafter referred to as "Report"), which showed that the average hedging rate of mainstream new energy vehicles in the past three years was only 32.31%, much lower than that of traditional fuel vehicles. Judging from the one-year preservation rate of pure electric vehicles, except for Tesla, which is over 60%, the preservation rates of other models are generally low.
This data has attracted the concern of some new energy owners: a new energy vehicle with a starting time of more than 100,000 yuan is only worth tens of thousands of yuan a year? The current situation of low hedging rate has once again attracted the attention of the new energy used car market inside and outside the industry.
In the slogan of a second-hand trading market in Beijing, Xin Jingwei Fu Yumei took a photo.
Low hedging rate leads to the obstruction of profit space.
The Report takes the cruising range of 300 kilometers as the dividing line, and counts the ranking of the preservation rate of one-year-old pure electric vehicles with cruising range less than 300 kilometers and more than 300 kilometers respectively.
According to the "Report", among the top ten pure electric vehicles with a maximum cruising range of not less than 300 kilometers and a one-year-old car, Tesla MODEL X and MODEL S rank in the top two, with preservation rates of 68.09% and 64.75% respectively; Weilai ES8 ranked third with a hedging rate of 47.89%. Geely Emgrand sedan and Chang ‘an Yidong New Energy ranked the last two, with the preservation rates of 38.03% and 36.82 respectively.
Among the top ten pure electric vehicles with a cruising range of less than 300 kilometers and a one-year-old car, BMW i3 ranks first with a value-preserving rate of 46.55%. Beiqi New Energy EU260 maintains a value of 30.91%, ranking second; The preservation rate of the other eight models is below 30%.
Compared with fuel vehicles, the vehicle maintenance rate within three years is still basically maintained at around 59%-75%.
Mr. Sun, a new energy used car dealer in Beijing, told the Zhongxin Jingwei client that after a year of using a new energy vehicle, most of them have only one-third of the residual value, which is equivalent to a new energy vehicle bought at an original price of more than 100,000 yuan. Only tens of thousands of pieces can be sold when it is sold. "Many new energy owners can’t accept it when they come to consult for the first time. I don’t believe that the car that I have only been driving for one year has depreciated so much."
Mr. Sun pointed out that the low maintenance rate of new energy used cars also led to its profit margin being much lower than that of fuel vehicles. "The profit of new energy used cars generally does not exceed 3,000 yuan, and the circulation is not very fast. In contrast, the profit of a 5-7-year-old fuel vehicle is higher than that of a 1-year-old new energy vehicle. But if you switch to a new energy vehicle a few years ago, you can’t sell it now. "
Due to low profits and many restrictions, the recognition of new energy used cars in the market is not strong. During the visit to the used car trading market, the Sino-Singapore Jingwei client communicated with several dealers. They said that the business of new energy used cars is not good because of the low rate of preservation. One of the dealers still has a backlog of a 2017 JAC iEV6E recovered three months ago. The original price of the car purchased with tax was close to 140,000, and now the price is only 35,000 yuan. He said that if you want to collect new energy used cars, you must be no more than three years old. "And it is best to be the top brands such as Tesla, BAIC and BYD, otherwise it is very likely to become ‘ Trading at a loss ’ 。”
Photo by Zhongxin Jingwei Fu Yumei in a used car market trading area in Beijing
Short battery life is the "culprit"?
In addition to the offline trading market, the Sino-Singapore Jingwei client also found that the low-priced sale of new energy used cars has become a common phenomenon when consulting some online trading platforms for used cars. Some old models three years ago, the price is even far lower than 1/3 of the original price. So, what is the reason for such a low rate of preservation of new energy used cars?
Wang Yongqing, head of used car inspection technology of Youxin, told the client of Zhongxin Jingwei: "The first reason for this phenomenon is that the early electric vehicles had a short cruising range and could not even meet the daily driving needs after the batteries aged. In addition, the after-sales maintenance service of new energy vehicles has not been fully improved, and the complaint rate is high. Once some manufacturers’ vehicles are transferred, they no longer enjoy the original warranty. "
Jia Xinguang, executive director of china automobile dealers association, also said that compared with fuel vehicles, the low maintenance rate of new energy used cars mainly comes from their battery problems. "Even if the engine works for 3 to 5 years, the battery is facing the problem of easy aging."
According to the 2018 China New Energy Vehicle Industry Report released by iResearch, 40% of the cost of new energy vehicles is concentrated on power batteries. According to many new energy vehicle owners, because there is no subsidy, the cost of replacing the power battery is sometimes even similar to buying a new car. Mr. Sun pointed out that under normal circumstances, the battery life of new energy vehicles is between 4 and 6 years, and the service life of some poor quality batteries is shorter. The cost of replacing batteries determines that it cannot raise the price in the market.
In addition, many people in the industry report that compared with fuel vehicles, new energy used cars lack a perfect evaluation system, which is indispensable in the pricing process of used cars. Wang Xiaoyu, co-founder and vice-president of Cheduoduo Group, pointed out at the 2019 Summit on User Value and Maintenance Rate of New Energy Vehicles that the evaluation system of new energy used cars is still not perfect, especially the problem of difficult battery evaluation, which makes it face great challenges.
It is understood that with the development demand of the new energy used car market, many platforms have begun to explore corresponding solutions. For example, the second-hand car platform of Guazi recently announced that it has started the evaluation and research on the battery part of new energy vehicles, and established a "car with many brains" to evaluate and price used cars according to the energy consumption rate, driving range and charging efficiency of new energy vehicles. The Youxin used car platform has also begun to digitize vehicle information by means of video detection and VR, and visually present the quality of batteries and vehicle sources.
The speed of upgrading is fast, and the data of hedging rate remains to be seen.
It is worth noting that the limitation of the market size of the new energy used car itself makes the current situation of its hedging rate face uncertainty. Ding Shaoguang, head of melon seeds used car brand, told Zhongxin Jingwei client that the proportion of new energy vehicles is still too small compared with fuel vehicles, so the relative market size of new energy used cars is not large.
Yan Jinghui, an expert from the china automobile dealers association Expert Committee, also pointed out that the current data on the hedge ratio remains to be seen because the number of new energy vehicles entering the used car market is limited.
Yan Jinghui said that most of the used cars entering the new energy market are old cars with a cruising range of less than 200 kilometers. Because of the fast replacement frequency of new energy vehicles, few car owners are willing to accept used cars with too much performance difference.
Wang Yongqing also stressed that the second-hand cars with new energy are easy to fall behind in technology, while consumers are relatively more willing to buy models with more advanced technology.
In July this year, less than four months before the release of the 2019 Tucki G3, Xpeng Motors released the 2020 Tucki G3. In contrast, the 2020 driving range has increased by more than 100 kilometers, but the price is not much different. This phenomenon angered the old car owners, led to many rights protection incidents, and also made Xpeng Motors encounter the biggest crisis since its listing.
Yan Jinghui said that the most direct performance of new energy vehicles to launch new models is the increase in cruising range, and the old cars are easily eliminated by the market, which is one of the reasons for its serious depreciation problem.
Expert: The problem of hedging rate may be improved in the future.
In view of the market pain points faced by new energy used cars, the Report proposes that in addition to Tesla’s brand effect, businesses such as "value-preserving repurchase" and manufacturer-certified used cars provided by manufacturers have realized effective strategies to increase the channel and value-preserving rate, which plays an important role in improving the value-preserving rate of electric vehicles.
The owner of a new energy source in Beijing told the Zhongxin Jingwei client that he expected manufacturers and 4S stores to provide corresponding preferential services, such as replacement services, rather than directly reselling them in the second-hand market at low prices.
The Zhongxin Jingwei client consulted a 4S shop with a domestic new energy vehicle with an original price of 140,000 yuan, two years’ purchase and a cruising range of 200 kilometers. The staff said that the replacement price was about 30,000 yuan, but an additional subsidy of 5,000 yuan could be provided. It is understood that many 4S stores provide subsidies ranging from several thousand yuan to 10 thousand yuan for replacement services, and support cross-brand car replacement.
Car companies are also introducing corresponding measures. A few days ago, Weimar released a user care plan, hoping to alleviate users’ anxiety about battery performance and preservation rate through services such as vehicle replacement and upgrading, lifetime warranty of power battery, vehicle replacement and transfer.
"Changing electricity, repurchasing, and sharing, these measures may improve the current low value-added rate of new energy used cars." Jia Xinguang said. He also stressed that in order to improve the preservation rate of new energy vehicles, it is still necessary to focus on its biggest pain point, that is, work hard on power batteries.
Many people are optimistic about the future of the new energy used car market. Yan Jinghui said that with the gradual stabilization of the quality of new energy vehicles, new energy vehicles with a cruising range of more than 250 have gradually entered the used car market, and the supporting facilities such as charging piles have become increasingly perfect. With the efforts of all parties, the problem of the value preservation rate of new energy used cars will gradually be improved.
Mr. Sun also told the Zhongxin Jingwei client that there are not many dealers who specialize in new energy used car business like him in the Beijing used car trading market. "There may not be one in hundreds." However, he believes that under the situation that the used car market of fuel vehicles is becoming increasingly saturated, new energy vehicles that gradually enter the mainstream vision will become the future trend. He hopes to pass the current "bottleneck period" as soon as possible and seize the market share of new energy used cars before the trend comes.
Wang Yongqing said that at present, new energy vehicles are in a high-speed development stage, and practitioners in the new energy used car industry need to keep up with the development of the industry, respond in time, do a good job in technical iteration, and meet the needs of consumers in a series of after-sales services such as maintenance. (Zhongxin Jingwei APP)
