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Imported automobile market will convert new imported car prices or rebound
On October 8th, China News reported that import car dealers expect a major policy shift in the coming months, which may lead to a reduction in import volumes and an increase in prices. Starting from January 1st next year, the vehicle scrapping policy will be implemented, and the import quota system will be officially abolished. According to industry insiders, the "registration system" is expected to replace the previous quota-based approach. However, the exact impact of this new regulation remains unclear, causing many dealers to adopt a wait-and-see attitude.
To minimize risk, dealers are holding back on importing new models, leading to a temporary shortage in supply. This could result in short-term price increases due to limited availability. In addition to policy changes, some models are also set to see price hikes. For example, newer versions of certain cars will feature upgraded configurations, pushing their prices higher, while older models will no longer be imported, further contributing to price inflation for select models.
Lexus is one such example. In response to declining prices in the Chinese market and a strategic brand adjustment, Toyota has repositioned Lexus as a premium brand. The company plans to introduce the 2005 LS430, RX300, and IS200 models in early 2024, with slight modifications and added features, increasing the price by approximately 20%. The LS430 is expected to reach around RMB 1 million. At the same time, the arrival of new models has allowed older vehicles to be sold at discounted prices. For instance, before the launch of the 2004 X5 SUV, BMW dealers in mainland China were instructed to lower the prices of older X5 models for distributors.
Imported car prices have hit a low point. At the Tianjin Auto Show, it was reported that the offer for the BMW 760 has dropped by over 400,000 yuan in recent months, while the BMW 730 fell from 980,000 to 880,000 yuan since May. Since the start of the year, prices for imported cars have plummeted, with some brands seeing reductions of up to 10%. Fierce competition forced many dealers to sell at low prices to recover capital, and some even faced losses or bankruptcy.
However, some industry players believe that the sharp price drops seen in the past two years are unlikely to return. First, current market sentiment suggests that import prices have reached a bottom. Additionally, foreign manufacturers are tightening control over pricing and brand management, making price fluctuations more stable. Analysts suggest that imported car prices are currently at a relatively low level, and consumers with a need for such vehicles should consider taking advantage of the current market conditions.
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