Used car market comes to a standstill: Number of vehicles listed reaches 1 million from 400 thousand!

The Ministry of Trade's measures regarding pricing have brought investment demand for new vehicles to a near halt. Consequently, the number of new vehicles in dealerships has increased.

Dealers have begun offering quick delivery, and brands have started launching campaigns to clear their stocks. These developments have significantly impacted used vehicle sales. Sales have slowed down so much that the number of used car listings on Turkey's two largest classifieds sites, which totaled around 400 thousand in July, reached 1 million as of the end of October.

According to a report by Taylan Özgür Dil from Hürriyet newspaper, those who own used vehicles are lowering their prices. According to Cardata data, the price of Turkey's best-selling used car, the Renault Megane Sedan, was 870 thousand TL in July, but fell by 6.3 percent to 815 thousand TL as of the end of October. Cardata General Manager Hüsamettin Yalçın stated, “Prices for new vehicles are not increasing; in fact, there has been a 0.19 percent decrease in the last month. In the used car market, we see a 9 percent drop between October 1 and 20. People are turning to investment instruments like the stock market and interest rates. Brands will continue their campaigns to sell new vehicles over the next two months. Therefore, the decline in used car prices will continue.”

'THE RATE OF DECLINE MAY SLOW DOWN'

According to VavaCars Retail Group President Serdıl Gözelekli, the decline in used car prices slowed down somewhat in October. Very dramatic price drops may no longer occur. Stating that the increase in the number of online listings clearly shows that the sales speed in the market has slowed, Gözelekli said, “As VavaCars, we have prepared a new index to show prices in a healthy way. This index is based on sales data, meaning more realistic data. Accordingly, used car prices fell by 8 percent in September. In October, the rate of decline in prices slowed down a bit. This is because the interest rate decision taken by the CBRT in September was a decision above expectations. We may now see interest rate moves that are more in line with expectations.”

'THE LAST EXIT BEFORE IDENTITY VERIFICATION'

İstinye University Faculty Member Dr. Naim Çetintürk also stated that since July, used car prices have fallen by 10-15 percent for vehicles aged 5 years and older, and by 5-7 percent for vehicles under 5 years old. Çetintürk listed the reasons for the increase in the number of online listings as follows:

News Source: 12punto