Stagnation in the second-hand automotive market enters its sixth month: 'No one wants to take out loans with high interest rates'
TOBB Automotive Council Member Fahrettin Batı stated that high interest rates are suppressing demand, warning buyers to get vehicle inspections and advising traders to protect their capital.
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The stagnation that has been ongoing in the second-hand automotive market for about six months continues, fueled by the impact of high loan interest rates. TOBB Automotive Council Member Fahrettin Batı has called for caution from both citizens planning to purchase vehicles and traders operating in the sector.
Batı stated that economic conditions are directly reflected in the automotive sector, noting that while a significant portion of those planning to buy vehicles before the summer season and holidays have already made their purchases, the slowdown in the market has become more pronounced than expected.
LOAN INTEREST RATES ARE SUPPRESSING DEMAND
Emphasizing that those who want to buy vehicles are having difficulty accessing bank loans, Batı said, "No one can visit banks because loan interest rates are high." According to Batı, customers are therefore turning more toward purchasing through savings finance companies.
Stating that demand in the market is concentrated primarily on vehicles up to 1 million liras, Batı expressed that a similar slowdown is being observed on the new vehicle side as well. Batı noted that the rapid sales of the past have been replaced by more limited and cautious purchases.
Touching upon new vehicle campaigns, Batı argued that some companies announce high list prices and then create a perception as if a large discount has been made. Stating that such practices should be audited, Batı drew attention to the differences between the actual sales price and the announced price.
Warning citizens who will buy second-hand vehicles to get an expert inspection, Batı said that vehicles must be checked and a Tramer inquiry must be made via 5664. He stated that avoiding the inspection fee could lead to greater grievances in the future.
Calling on traders in the sector to avoid risky steps, Batı emphasized that existing capital must be protected. Batı used the expressions, "Do not chase dreams of profit. Let's not pursue different fantasies. We will preserve what we have; this period is that kind of period."