The Technical Specifications for Used Car Appraisal and Valuation, China’s first national used car valuation standards, has been drafted under the direction of the Ministry of Commerce and is expected to be released in May, according to a report in Beijing Morning Post.
The Technical Specifications is drafted in an effort to provide transparent information about the valuation of used vehicle, quantify appraisal of vehicle performance and standardize national terminology and descriptions of used vehicles.
The number of used car sales in China’s first-tier cities, such as Beijing, is now higher than new cars. For lack of a standardized appraisal and valuation system, the used car market faces many problems for further development.
The Technical Specifications is drafted by the China Automobile Dealers Association, which will be responsible for assigning third-party institutions to conduct used car assessment. These institutions will have to obtain used car assessment qualifications.