Why Are There So Many Used NIO Cars for Sale?
3 Answers
Because NIO cars are pure electric new energy vehicles, their models have low resale value in the used car market. Many owners believe that if they don't sell the car within the first 2-3 years, it will be even harder to sell later. Additionally, among used new energy vehicles, the resale value is generally low. Reasons affecting transaction volume: Currently, domestic new energy vehicles generally suffer from low resale value, lack of evaluation standards, and rapid technological and product updates, among other factors. These issues have led to slow growth in the overall transaction volume of used new energy vehicles, as the primary focus of new energy vehicles is environmental friendliness, energy savings, and emission reduction. Resale value: According to the automotive resale value report released by the China Automobile Dealers Association, the average resale rates for 3-year-old imported models, joint-venture brand domestic models, and independent brand domestic models are 63.5%, 63.9%, and 57.4%, respectively. In comparison, considering factors such as the three-electric system, subsidy policies, and product updates, the resale value of 3-year-old used new energy vehicles is only 47.5%.
I've been driving the NIO ES8 for two years and feel that the used car market is so hot mainly because new models are being released too quickly. My old car was only 18 months old when the new ES7 came out with significantly improved range, which tempted me to upgrade. Additionally, NIO's BaaS battery leasing plan becomes more expensive over time, and after doing the math, selling the old car seemed like a better way to save money. Another reason is that early models had more issues, with batteries degrading quickly—fully charged, it couldn't even reach 500 km, and repairs costing thousands were painful. Now, I see many friends on social media selling their cars like I did, likely due to lease contracts expiring or the company's batch buyback programs—this phenomenon is quite common. Personally, I think after buying this car, you need to weigh the costs and convenience carefully, or you really won't be able to keep it.
As a young car owner, I've noticed that the abundance of NIO used cars is largely due to the wave of vehicle upgrades. For instance, after driving the ET5 for just over a year, the novelty wears off, and the desire to upgrade to a newer model kicks in. NIO frequently updates its models, enticing owners to switch, which causes the value of earlier models to depreciate rapidly. The flexible leasing options mean that vehicles often enter the market once the lease ends. Additionally, the unstable charging network, with long queues in some areas, forces some to sell their cars and switch to other brands. These factors contribute to the accumulation of used cars in the market. I believe the main reason is the lack of strong brand loyalty—after driving a Tesla, for example, NIO feels somewhat bulky in comparison. The younger generation, always chasing the latest trends, tends to sell their cars quickly.
