A Chinese manufacturer has offered a guarantee of $10-a-month second hand car price if you buy one.

“Secondhand cars are our first choice.

If you buy them, we guarantee you a second chance to get a car,” said Mr Zhang, an employee of the Shanghai auto giant Tsinghua University.

A company official in Shenzhen said he did not know what the second-hand car price guarantee was for but would make a decision in due course.

Second-hand cars were introduced in China a decade ago, in response to demand from Chinese expats who wanted cars that could be bought for a fraction of what they normally paid.

They have become a mainstay of the local car market as Chinese manufacturers ramp up production in anticipation of rising demand from foreign customers, especially from the United States.

China is also planning to launch a nationwide test programme for electric cars, a move that has raised fears of a potential crash in which a car that runs on electricity is struck by lightning.

The Shanghai car maker said that if it could not guarantee $10 for second hand, it would offer a $100 guarantee if customers did not buy the car.

Last week, the government announced that it was boosting electric car sales by as much as 60% from last year, partly to boost the government’s share in the market.

With Chinese consumers demanding more affordable cars, the company said it planned to offer $100 a month for first-hand, second- and third-hand second hand electric cars for customers to use as a second choice.

In a bid to keep the price of electric cars high, China’s government has stepped up subsidies for consumers to buy them.

More than a quarter of all Chinese cars sold in the first half of this year were electric.

It has also begun rolling out a nationwide pilot scheme for electric-vehicle charging stations, offering discounts to those who sign up.

But the latest initiative has been criticised by environmentalists who argue that it will not help China meet its greenhouse gas emission targets and has raised concerns about its impact on the environment.

According to the China National Green Car Association, more than half of the cars sold worldwide in 2016 had an average price tag of less than $30,000.

(Reporting by Aneesha Sengupta; Editing by Mark Heinrich)

Tags: Categories: Second Handholders