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Imported automobile market will convert new imported car prices or rebound
China News reported on October 8th that some import car dealers expect a major policy change in the coming months, which could lead to a reduction in imported car volumes by the end of this year and into early next year. As a result, prices for imported vehicles may rise. This shift is expected to trigger a surge in demand before the new regulations take effect in January 2024, when the official import quota system will be abolished. Instead, a "registration system" is likely to replace the previous quota-based approach.
Dealers are uncertain about how the new policy will affect the market, so many are holding back on new imports to avoid potential losses. This cautious approach has led to a temporary slowdown in the market, with supply struggling to meet demand, which could push prices higher in the short term. In addition to the policy impact, new models are also expected to see price increases. Some models will come with enhanced features, while older models may no longer be imported, further contributing to price hikes.
For example, Lexus is adjusting its strategy in China, aiming to position itself as a premium brand. The company plans to introduce the 2005 LS430, RX300, and IS200 models next year, with slight modifications and increased configurations, leading to an estimated 20% price increase. The LS430 is expected to cost around 1 million yuan. At the same time, older models are being sold at discounted prices to clear inventory ahead of new model launches.
In the past few months, prices of imported cars have dropped significantly. For instance, the BMW 760 has seen a drop of over 400,000 yuan, while the BMW 730 fell from 980,000 to 880,000 yuan since May. Overall, prices of imported cars have plummeted by up to 10% this year, with some dealers selling at a loss or even going out of business due to intense competition.
However, some dealers believe that the sharp price drops seen in recent years are unlikely to continue. They argue that current prices have reached a bottom, and foreign manufacturers are now more strict in controlling pricing, ensuring greater stability. Analysts suggest that the market is now at a relatively low point, making it a good time for consumers to look for deals.
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