New rules to govern second-hand car sale

Second-hand cars for sale in Yichang, Hubei province. New standard to evaluate second-hand cars has been released and will come into force from June 1, 2014. [Provided to China Daily]

New standard to evaluate second-hand cars has been released and will come into force from June 1, 2014. Car owners planning to sell their used vehicle will be required to provide detailed information to buyers prior to selling the car, China News reported.

The standard focuses on process and methods of vehicle evaluation and requires third party review of the transaction. New rule also state that the car's safety record and other data must be made available in the evaluation report.

In future, all relevant data should be provided during the transaction, said Luo Lei, the deputy secretary-general of China Association of Automobile Manufacturers.

China, which has more than 400 authorized used-car evaluation centers, is witnessing a boom in business with total used-car volume reaching 5.2 million units in 2013, exceeding the five-million mark for the first time.