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Shanghai Second-hand Car Market Starts to Take-off
The trade volume of Shanghai's second-hand car market reached over 1.83 billion yuan (0.2 billion US dollars) by the end of August, up by 20 percent over the same period last year.
Shanghai has six authorized second-hand car trading places. The newest of them opened last December, but it already sells over 100 cars per week now.
It is estimated that out of some 50,000 second-hand cars sold so far this year, one fifth were purchased by households.
Experts said the second-hand car market will continue to grow. Every year, tens of thousands of Shanghai citizens are registered at driving schools. The great number of people, who have driver's licenses but can't afford expensive cars, are another potential pool for the market.
Shanghai has decided to invest 35 billion yuan in car production in the coming five years.
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