With China’s intensely growing industries, cars are in demand more and more. These cars are wanted by many who for the first time in their lives can not only afford a car but can pay cash for one. It is shown that 90% of car owners in China have paid for their vehicles in cash,even though opportunities to finance with credit are available.
China is also buying cars rapidly because such a small percentage of the Chinese population owns a car, so the market is much larger and therefore car companies have broadened their market base by lowering prices to meet demand. By the end of 2011, experts predict that there will be 75 million car owners out of more than one billion Chinese, as opposed to 246 million cars owned by 311 million Americans.
It is also interesting to note that so many people have purchased cars in China that Beijing restricts car registration by the use of a lottery so as to prevent its traffic infrastructure from being completely overwhelmed.
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