Price drop turns second-hand vehicle purchases into an advantage
Second-hand vehicle prices in Turkey, which had been rising continuously for the last two years, have entered a downward trend following a recent period of stagnation.
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VavaCars has announced its VavaAI price index regarding the second-hand vehicle market. According to the index, price increases declined for the first time in September. VavaCars Retail Group President Serdıl Gözelekli said, “Second-hand vehicle prices have fallen by an average of 8 percent in the last month. With falling prices, purchasing a second-hand vehicle has become advantageous.”
Second-hand vehicle prices in Turkey, which had been rising continuously for the last two years, have entered a downward trend following a recent period of stagnation. Aiming to inform the public accurately against changing prices, Turkey’s leading second-hand vehicle platform VavaCars has announced the September results of its ‘VavaAI Price Index,’ which it plans to publish every month to provide foresight for those who want to buy a vehicle.
According to the price index, which VavaCars has published for the second time by combining and analyzing its own data—developed based on one of Turkey’s most advanced pricing and sales algorithms—with publicly available data, second-hand vehicle prices fell by an average of 8 percent in September compared to the previous month. Despite the high prices on online listing sites, the decline that emerged was deeply felt in real markets. Evaluating the index results, VavaCars Retail Group President Serdıl Gözelekli pointed out that with falling prices, purchasing a second-hand vehicle has become advantageous.
“PRICES FELL FOR THE FIRST TIME AFTER A LONG BREAK”
Stating that they aim to raise public awareness with the VavaAI price index they developed in light of VavaCars data, which is one of the most advanced pricing and sales algorithms in Turkey, and publicly available data, Gözelekli said, “Users who wanted to meet their needs showed high demand for second-hand cars due to the effect of high increases in new vehicle prices. At this point, high price increases were experienced in the first half of 2023. In the subsequent process, with the measures taken by the Ministry of Trade and the stagnation of the markets, prices in the second-hand market showed a decline for the first time in a long time in September. According to the figures, second-hand vehicle prices fell by an average of 8 percent in September compared to the previous month. The highest price drops were observed in the A segment, followed by the D segment, respectively,” he said.
“THERE IS A DIFFERENCE BETWEEN PRICES ON LISTING SITES AND REAL PRICES”
Making an assessment regarding the reasons behind the price decline, Serdıl Gözelekli said, “The results we obtained in our research draw attention to the differences between the prices shown on online platforms and real market prices. Despite the high list prices on online listing sites, an 8 percent drop that emerged in real markets contains real data. This reveals the importance of accessing accurate information in the second-hand vehicle buying and selling process. In light of this information, we will continue to closely follow the changes in the second-hand vehicle market and share information based on accurate assessments,” he stated.