Guangdong’s 2024 car trade-in program drives 80 billion yuan in sales, fuels 2025 growth

In 2024, Guangdong's car trade-in program has seen remarkable results, with over 450,000 new car sold with a total sales value exceeding 80 billion yuan, according to He Jun, Deputy Director of the Guangdong Provincial Department of Commerce, at the province's 2025 spring consumption and car consumption promotion event held on March 8.

Collaboration across multiple industries and channels to boost consumption

The car consumption promotion period, from March to May, will have automotive industry associations, manufacturers, and dealers organize a series of distinctive and diverse car consumption activities, including car club events and car enthusiast day activities.

Preferential policies and upgraded services for car trade-in, replacement, new car purchases, after-sales service, and financial insurance will also be put in place, designed to optimize the car purchasing and using experience for consumers.

New business formats and consumption scenarios are expected to be formed to continuously stimulate the vitality of automotive business entities, and better meet the diverse car consumption needs.

Government and enterprise incentives combine to offer new subsidies

At the event, various car brands showcased multiple models, attracting many to experience and inquire with lively on-site interactions.

Yan Fei, President of the Guangdong Automobile Dealers Association, said that this year, the province has further optimized its car trade-in policy. The subsidy scope has been expanded to include a new price range of 40,000 to 70,000 yuan for car purchases, offering consumers more cost-effective choices.

Zheng Heng, Deputy General Manager of Guangzhou Automobile Group Corporation (GAC), noted that the GAC has actively responded to the government's call and, on top of the national and local trade-in subsidies, has introduced competitive policies such as additional trade-in incentives, financial interest subsidies, insurance discounts, and cash rebates to benefit consumers.

This year marks the 8th consecutive year that Guangdong has hosted the car consumption promotion event. Leveraging a series of consumption promotion activities, the province aims to further optimize the consumption environment, create a vibrant consumption atmosphere, boost consumer confidence, and better meet the people's growing needs for a better life, driving high-quality economic and social development across the province.

Next, Guangdong will deploy a combination of policies and activities to expand the scope of consumer goods trade-in programs, cultivate international and regional consumption centers, and continue to develop upscale pedestrian streets and commercial circles. The province will also focus on key industrial belts such as automobiles, home appliances, furniture, and digital products, and innovate multi-industry integration and collaboration to boost consumption.