- China’s used-car market cooled in October as online listings fell 2.1% month‑on‑month to 738,256 and three‑year residual values slipped across all segments, driven by weaker SUV demand.
- Three‑year BEV residuals dropped to 45.1% from 45.7% in September, PHEVs fell to 42.2%, and Tesla’s Model 3 led three‑year BEV values at 61.3%.
- Higher‑end PHEVs and SUVs such as Zeekr 9X and Tank models retain stronger values, but widespread declines signal risks from oversupply, margin pressure and uneven brand localization.
The China Automobile Dealers Association (CADA) released their October 2026 China Auto Residual Value Report, which shows that the used-car market lost momentum after a brief recovery in September. Online used-car listings declined month over month, while residual values fell across all major vehicle segments.
China recorded 738,256 online used-car listings in October, down 2.1% MoM and 12.4% YoY. Listings had risen 5.2% MoM in September, ending a three-month decline, but the rebound proved short-lived.
Residual values also weakened across the board. After edging up or holding steady in September, three-year-old vehicles in every segment saw their residual values decline in October.
SUVs recorded some of the steepest drops. The residual value of midsize and large SUVs fell to 50.6% from 52.0% in September, while MPVs dropped to 48.7% from 49.8%. Changes among sedans were more modest, with compact cars slipping to 42.5%.
Luxury and mainstream joint-venture brands also lost ground after showing signs of stabilization in September.
Tesla remained steady and topped the luxury brand rankings at 56.3%. Porsche followed at 55.7%, while Lexus came in at 52.7%. Mercedes-Benz, BMW and Audi also saw their residual values decline.
Mainstream joint-venture brands broadly moved lower. Japanese automakers continued to dominate the top three, although all recorded declines: Honda stood at 49.2%, Toyota at 49.0% and Mazda at 48.7%.
Domestic Chinese brands saw only minor adjustments. GAC Trumpchi and Tank remained near the top at 54.3% and 54.1%, respectively. Lynk & Co, Changan Oshan and Zeekr posted modest gains, reaching 47.7%, 45.6% and 44.3%, respectively.
New energy vehicle brands also underwent a mild correction, but the gap among leading brands widened. Tesla remained stable, while Tank, which ranked among the leaders in September, recorded a more pronounced decline to 53.0%.
By powertrain, both battery electric vehicles and plug-in hybrids lost residual value in October. The three-year residual value of BEVs fell to 45.1% from 45.7% in September, ending a two-month recovery. PHEVs declined to 42.2% from 42.9%, extending their downward trend.
At the model level, the Xiaomi YU7 led the one-year-old BEV rankings with an 82.3% residual value, followed by the Li Auto i6 at 82.0% and the NIO ES8 at 77.5%.
Among three-year-old BEVs, Tesla continued to hold all three top spots. The Model 3 ranked first at 61.3%, followed by the Model X at 59.4% and the Model Y at 53.9%.
In the one-year-old PHEV rankings, the Zeekr 9X led at 80.2%, ahead of the Fangchengbao Ti7 at 76.8% and the Tank 400 New Energy at 75.0%.
The three-year-old PHEV rankings were led by the Tank 500 New Energy at 62.6%, followed by the Tank 400 New Energy at 57.6% and the Haval Raptor PHEV at 53.8%.
The Zeekr 9X also topped the segment for full-size SUVs priced above RMB 500K ($75.2K), posting an 80.2% residual value. The AITO M9 ranked second at 72.2%, while the Lincoln Navigator came third at 71.8%.
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