Für 20.000 Yuan kann man ein WM Auto Auto kaufen, und für 80.000 Yuan ein Jiyue Auto. Die junge Generation dieser Zeit beginnt damit, "am Tiefstand" an Autos von Scheitlerprojekten zu kaufen.

In 2025, the new energy vehicle market in China is experiencing a "gold rush in the ruins."

Some people bought the Nezha L, originally priced at 149,900 yuan, for 77,700 yuan. Others got the Jiyue 01, with an original price of over 300,000 yuan, for 89,000 yuan. There are also those who drove the WM EX5 home for a little over 40,000 yuan. Overnight, these "abandoned cars" became best - sellers.

The reason is actually easy to understand. Some young consumers have limited budgets but are full of yearning for new technologies and products. Buying "abandoned cars" has become a practical way for them to realize their car dreams.

The question is, is buying an abandoned car really digging for treasure in the ruins, or is it like catching a ticking time - bomb?

Buy a WM for 20,000 yuan and a Jiyue for 80,000 yuan. Young people are "bottom - fishing" for abandoned cars.

On social platforms such as Xianyu, Xiaohongshu, and Douyin, a gray trading chain for "abandoned cars" is taking shape.

The sellers are mostly former employees of 4S stores of bankrupt brands or inventory clearance merchants. They use labels like "unique resources" and "the last batch" to promote the cars. They offer the Jiyue 01, originally priced over 300,000 yuan, at a final price of 89,000 yuan, and the HiPhi Y, with a guide price of 339,000 yuan, at a clearance price of 119,800 yuan.

Image source: Xianyu APP

Normally, such a huge discount would only occur when there is a model change, inventory backlog, and regional competition all at the same time. However, the bankruptcy of the brand has realized all these discounts at once.

What's even more extreme is the case of WM Motor. This once - leading brand, which out - sold "NIO, XPeng, and Li Auto" in 2019, completely shut down in 2024. The price of its EX5 model in the second - hand market has plummeted to the range of 20,000 - 40,000 yuan. People who buy this car don't expect much else. They just want its standard L2 assisted driving system and a 400 - kilometer range. For just a few tens of thousands of yuan, what more could you ask for?

Image source: Xianyu APP

From the comments on Xiaohongshu, it's clear that the main group of people buying "abandoned cars" are those who have a strong interest in smart electric vehicles but limited budgets. They don't buy cars for the sake of face but for the experience and functions. For them, a car is not a symbol of status but a pure means of transportation.

Image source: Xiaohongshu

Strictly speaking, the choice to buy abandoned cars is related to the change in consumer psychology. Looking back at the development of the automotive industry in the past 10 years, it can be found that Chinese car consumers have generally gone through three stages of psychological changes:

The first stage was the "Tesla worship period" from 2018 - 2020, when people believed that only leading brands represented the future.

The second stage was the "awakening of cost - performance period" from 2021 - 2023. The rise of brands like BYD and Leapmotor made consumers realize the power of technological equality.

The third stage is the "disenchantment of brands period" since 2024. The elimination competition is not over yet. When a brand may disappear at any time, does it still make sense to pay a premium for it?

The users who buy "abandoned cars" are representatives of the third stage. Simply put, they don't care whether the brand is still alive. What they care about is the underlying supply chain, such as CATL's batteries, Horizon's chips, and intelligent in - car systems. This "de - branding" way of perception is counter - intuitive but worthy of in - depth analysis.

Hardware is king. Young people no longer pay for "brand stories."

Looking beyond the phenomenon to the essence, Electric Vehicle Insights tries to interpret the consumption concept of buying abandoned cars. The conclusion may not be entirely correct, but it can serve as a reference for everyone.

The "disenchantment" of brand stories is the primary reason. People born in the 1960s and 1970s choose cars based on the brand. Those born in the 1980s and 1990s look at the brand's reputation. However, those born in the 1995s and 2000s focus on hardware parameters. When the car - buying logics of these three generations collide in the same era, the phenomenon of bottom - fishing for "abandoned cars" doesn't seem so absurd.

Image source: Jiyue

The older generation needs a brand to prove that "I'm doing well," while young people believe that "I don't need to prove my life."

As native users of the mobile Internet, we have learned to make "de - centralized" value judgments in the information explosion. When we see a car company promoting its self - developed system, our first reaction is not to worship but to check the actual test data from UP - owners. When a car company promises lifetime warranty, our first thought is to wonder how long the company can survive.

This "habitual criticism" mindset is exactly what brands fear the most because it makes brand narratives less effective. Nowadays, brands are not as important as people think, which is also one of the reasons for the price wars among car companies. Consumers don't have to choose a particular brand, so car companies can only attract them by lowering prices.

In this context, the young people who buy abandoned cars have a very practical value assessment system for cars: No OTA? It doesn't matter! The in - car system is not powerful enough? It's okay! Resale value? You'll break even after driving 100,000 kilometers.

Hardware is king. Practical value = basic performance × service life - purchase cost. When this formula holds true, bottom - fishing for "abandoned cars" becomes a rational choice.

To be honest, with car companies updating their models every six months and sales records being broken every quarter, we may think that buying a new energy vehicle is as easy as changing a mobile phone. However, the truth is that for many people, it's still a luxury to buy an electric vehicle with "assisted driving, a range of over 500 kilometers, and a large - screen intelligent in - car system" through official channels.

In this situation, "abandoned cars" offer 80% of the core experience at less than half the price, which is indeed an understandable choice.

Understandable but not recommended. Be wary of "abandoned cars" becoming "hot potatoes."

Of course, although it's understandable, Electric Vehicle Insights still doesn't recommend buying "abandoned cars."

The biggest risk of "abandoned cars" lies in the systematic collapse of the after - sales system. After a car company goes bankrupt, 4S stores close, the parts supply chain breaks, and technical personnel leave, causing a triple blow. Consumers who buy abandoned cars are probably aware of these issues.

Most seriously, after buying an abandoned car, you may even have trouble handling financial insurance. Many insurance companies have discriminatory policies towards "abandoned cars." The premium for vehicle damage insurance is increased by 30% - 50%, and they clearly state that they won't cover "system failures caused by brand bankruptcy." Some companies even refuse to provide insurance directly.

Insurance companies don't know what problems these cars may have in the next second. Since they can't price the risks accurately, they take a one - size - fits - all approach.

Image source: Jiyue

The property rights risk cannot be ignored either. Since many "abandoned cars" are new inventory cars that haven't been registered for the first time, buyers need to submit materials such as invoices and certificates to the vehicle management office. In practice, due to judicial disputes, the vehicle certificates of some bankrupt car companies have been seized by the court. After buyers pay, they can't get the car licensed and end up in a situation of losing both money and the car. In July 2024, 12 consumers in Jiangsu collectively protested after buying WM cars that were under seizure.

Although social media is full of cases of "successful bottom - fishing," the silent majority are usually the losers.

In fact, many inventory cars have "hidden problems" such as long - term battery power loss, tire aging, and cracked rubber parts. Since there is no warranty, buyers have to pay for repairs out of their own pockets.

Even more seriously, some cars were defective when they left the factory. Before going bankrupt, car companies were eager to clear their inventory and pushed these problematic cars onto the market. A Jiyue 01 owner found abnormal noises in the chassis after taking delivery of the car. After disassembly, it was found that the fixing bolts of the battery pack were not tightened to the standard torque, which is a typical problem of out - of - control production line management.

On a macroscopic level, the phenomenon of young people bottom - fishing for "abandoned cars" is a painful outcome of the Chinese new energy vehicle industry transitioning from fanaticism to rationality. Young people no longer pay for the illusory brand premium and have started to establish an evaluation system based on hardware and practical value.

From an industry perspective, this is also an episode of the industry reshuffle. After the capital tide recedes, the "corpses" of those who were swimming naked have become low - cost treasures in the eyes of others.

From an individual perspective, this choice is understandable. Pursuing the maximum experience within a budget constraint is a practical way for young people to realize their "car dreams."

Although there seem to be reasonable explanations, the wild growth of the "abandoned car" market hides huge risks. If the inventory of bankrupt brands can be easily cleared, will more speculators enter the automotive industry, gambling on the abnormal business model of "quick bankruptcy - inventory clearance - profit - taking and leaving"? Eventually, it may lead to a reverse incentive of "bad money driving out good money."

The word "bottom - fishing" sounds exciting, but in essence, it's a game between risks and rewards. If you are a tech - savvy geek who can handle maintenance on your own and have enough legal knowledge to avoid property rights risks, "abandoned cars" may be a cost - effective choice. However, if you are just an ordinary user attracted by the low price, please remember: every gift from fate is secretly priced.

Some people may find real treasures when "gold - rushing in the ruins," but more often, they end up with "hot potatoes."

This article is from the WeChat official account "Electric Vehicle Insights". Author: Electric Vehicle Insights. Republished by 36Kr with permission.