In China, the "nearly new" Xiaomi YU7 is being resold above the recommended retail price

The first copies of Xiaomi YU7 have started to appear on the Chinese second-hand market and the prices are higher than for new ones. Such a paradox is explained by the excitement around the new model, which debuted in its home market on 6 July.

Here's What We Know

The YU7 is Xiaomi's second production model after the SU7 sedan. According to the Dongchedi platform, there are more than 80 units of the YU7 for sale in China at the time of publication. Most are in the top-of-the-line Max configuration, with less than 100 kilometres of mileage. Prices range from 350,000 to 390,000 yuan ($48,300-53,800), while official prices are:

• 253,500 yuan ($35,000) - Standard version
• 279,900 yuan ($38,600) - Pro version
• 329,900 yuan ($45,600) - Max version.

The markup averages between 10,000 and 20,000 yuan ($1,400-2,800).

Analysts explain the high prices by the fact that some of the cars were purchased in advance by resellers for resale. In addition, some cars were bought by auto aggregators from the first owners and then also put up for sale with a markup.

Earlier, Xiaomi said it received 200,000 pre-orders for the YU7 in the first three minutes and 248,000 confirmed orders in 18 hours. To limit possible speculation, the company introduced restrictions: in the first day, one customer can order only one car. At the same time, the order parameters can be changed only within 168 hours after the deposit has been made - after that the order is considered completed and the deposit becomes non-refundable.

New buyers will have to wait a long time for YU7: Standard - 57-60 weeks, Pro - 49-52 weeks Max - 41-44 weeks. This situation is reminiscent of the start of sales of Xiaomi SU7 sedan, which was also massively resold with markups at first. However, over time the market stabilised.

Source: Carnewschina