Lei Jun, the sky is falling! The YU7 is selling like hotcakes after a price hike of 20,000 yuan.

The fledgling Xiaomi Auto has achieved what the century - old automaker Toyota has done.

Even Lei Jun didn't expect that the YU7 would sell like hotcakes with a price hike of 20,000 yuan.

Just as the second - generation Xiaomi Auto model YU7 started its delivery, even before the owners had a chance to get used to the driver's seat, the second - hand car market went into an uproar.

Second - hand car dealers across the country have started to publicly list the "nearly new" YU7 models for sale. The listed prices generally exceed the original price of new cars, and there has even been an outrageous phenomenon of a maximum price hike of 20,000 yuan.

There are over a hundred second - hand YU7 cars listed for sale across the country. The main models are concentrated in the MAX version. Most of the cars have only traveled dozens of kilometers to just over a hundred kilometers, a typical case of "selling right after unboxing".

Image source: Xianyu

So, why is there such an exaggerated price - hike phenomenon in the second - hand market?

The answer is simple: The Xiaomi YU7 has become popular too quickly, but it takes too long to get one.

Official data shows that just three minutes after the official pre - order of the new car started, the order volume exceeded 200,000, and nearly 250,000 orders were confirmed within just 18 hours.

Image source: Weibo

The gap between the huge pre - order volume and the limited production capacity has directly increased the scarcity of the cars, giving scalpers and car dealers the opportunity to "make a profit by reselling".

So, since the day of the press conference, a group of car dealers and scalpers have quickly entered the game. By placing orders early or buying back cars at high prices from the first - batch owners, they then list the cars on second - hand platforms at a higher price.

Buying a car has turned into a scramble, and the scramble has turned into speculation.

Normally, when we go to the second - hand car market to sell our cars, we often hear this sentence: "As soon as a new car leaves the dealership, you'll have to take a loss, at least the purchase tax."

This used to be true. For most cars, if you resell them soon after buying, the price usually goes down. This is common sense.

But in recent years, the situation has changed.

For large - scale commodities like cars, which often cost hundreds of thousands of yuan, affected by the pandemic, the global chip shortage, and the tight supply chain, an unexpected phenomenon has emerged: Buying a new car not only doesn't result in a loss, but can even make money, and quite a lot of it.

Some people have bought a car, driven it for a year, and then sold it. Instead of losing money, they've even made tens of thousands of yuan. It's more profitable than some financial products and has become a "money - making tool car" in the eyes of many.

As the price of second - hand YU7 cars keeps rising, how long can Lei Jun stay happy?

Then a new question arises: What kind of cars can have their prices increased?

Let's start with a typical example. MPVs like the Toyota Alphard often top the price - hike list.

Logically speaking, cars like those from Toyota are very common. Why can their prices still be increased?

Because in the MPV market, although there are many cars, there are really not many cars like the Alphard, which have large space, high comfort, stable quality, and can meet both family and business needs. To some extent, it's an indispensable choice.

Consumers think it's worth paying a higher price. After all, it can be used in multiple scenarios with one purchase. It's better to get the car earlier.

There are also niche models like the Toyota 86 and Subaru BRZ in the entry - level sports car segment. They may not sell many in a year, but there are only a few such models on the market, and those who like them really love them.

Consumers who want to buy these cars have to wait in line, and it's normal to wait for half a year or a year.

If they are in a hurry and don't want to wait, they can only buy from scalpers at a premium.

As a result, an "inverted" phenomenon has occurred: second - hand cars are actually more expensive than new cars.

In recent years, domestic "new - force" models like the Xiaomi SU7 have also triggered a buying spree in the second - hand car market.

Now, if you open the Xiaomi Auto App, the estimated delivery cycle for the standard version is 57 to 60 weeks, 49 to 52 weeks for the Pro version, and it will take nearly a year for the Max version.

Image source: Weibo

In this situation, even if consumers want to be patient with the brand, they will be defeated by reality.

Sometimes, you see a "nearly new" car online that has traveled less than 100 kilometers, but the listed price is 20,000 to 30,000 yuan higher than the new - car price.

Since you have to wait in line for a new car, and some cars require a wait of more than 40 weeks after the order is confirmed, and you won't get the car until next year, it's better to pay a little more and get the car earlier.

So, you can see why some cars can have a "premium" in the second - hand market?

Besides the product itself being excellent, another crucial factor is that people can't afford to wait.

But then again, is it really a sustainable thing to make money by the price increase of second - hand cars?

In the short term, some people have indeed made money by reselling cars at a higher price. Some scalpers even form groups to "sweep the market". After getting the first - batch cars, they immediately list them on second - hand websites at a high price.

But in the long term, this kind of market speculation is prone to problems. Once the manufacturer's production capacity increases and the market demand decreases, the bubble will burst.

Image source: Xiaohongshu

Take the NIO ET5 for example. At the beginning of its launch, it was in short supply, and it was not news that second - hand cars were more expensive than new ones.

But after a while, as the delivery rhythm stabilized and the market enthusiasm cooled down, the price of second - hand cars immediately dropped. Some "early - bird" owners ended up losing money.

They failed to make money but ended up being the ones to bear the loss.

Therefore, we should understand that a car is not an investment product but a consumable.

Whether the price increase can be sustained depends on whether it is truly "scarce".

If it's due to a short - term supply shortage, such as the factory not being able to produce enough or a shortage of parts, it's just a temporary phenomenon.

But if a car is irreplaceable in terms of design, positioning, performance, and brand, then its long - term value retention or even appreciation in the second - hand market is a manifestation of its core strength.

Finally, from the consumer's perspective, if you really have a need for a car, it's recommended to buy a new car step by step.

If you're just going for "financial management", you need to make accurate judgments and sell quickly. Don't be greedy. Remember, a car is not a stock. Once there's an accident or more wear and tear, the price will drop much faster than you expect.

In short, some cars can indeed have their prices increased, but not everyone can benefit from it.

How can the rapidly - developing Xiaomi Auto achieve long - term success?

On the surface, the rush to buy the Xiaomi YU7 is a sign of market recognition and the strength of the brand.

But if we look beyond the surface, this craze actually exposes a problem: After the initial popularity, the delivery is too slow, and the emergence of scalpers has made it seem like an eternity for future car owners to get their cars.

Facing the continuously rising second - hand prices, Xiaomi quickly introduced a purchase - limit policy, stipulating that each person can only buy one car, the deposit cannot be refunded after the order is confirmed, and the information cannot be changed, in an attempt to curb the behavior of reselling orders.

But for scalpers, this kind of measure is just a "small obstacle", not an "insurmountable wall".

On the one hand, they can solve the purchase - limit problem by placing orders through multiple people or using proxy buyers;

On the other hand, even if the car is already registered, it can still be quickly listed on the second - hand market.

That's why there has been news recently that the Ministry of Industry and Information Technology is considering introducing a draft policy stating that new cars cannot be resold within 6 months after registration, aiming to fundamentally limit the gray area of making a profit by turning new cars into second - hand ones.

If this policy is actually implemented, it will undoubtedly hit hard the profit - making model of "quickly turning new cars into second - hand ones", and the second - hand car market will also undergo a reshuffle.

For Xiaomi, this is a crucial window for rectification.

While the popularity is still there, it's a good time to adjust production capacity, improve the trading system, and enhance the service experience.

If Xiaomi only focuses on delivery data and popular models while ignoring the delivery quality and long - term brand image, then when the consumers' enthusiasm fades, the brand's reputation may be severely damaged.

Of course, Mr. Lei hopes that the products are popular, but he wants the popularity to be orderly, stable, and make users feel at ease when buying, rather than being exploited by scalpers, driven by traffic, and used for speculation.

If Xiaomi Auto wants to survive in the highly competitive new - energy vehicle market in the long term, it ultimately depends not on one - time popular press conferences, but on a calm and practical product rhythm, reliable delivery capabilities, and long - term attention to users' emotions.

Conclusion

The frenzy in the second - hand market for the Xiaomi YU7 is just a reflection of the impetuousness in the Chinese new - energy vehicle market.

What we really need to think about is how to ensure that the car remains a worthy choice in the second, third, and subsequent purchases.

After all, the new - energy vehicle industry is not a sprint but a marathon.

This article is from the WeChat official account "E - commerce Frontline", written by Qian You, and published by 36Kr with authorization.