Regulation prohibiting the sale of second-hand vehicles above their new vehicle price extended by 6 months
The regulation prohibiting the offering of second-hand vehicles for sale at a price higher than their new vehicle price has been extended for another 6 months.
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The amendment made by the Ministry of Trade to the Regulation on Second-Hand Motor Land Vehicles has been published in the Official Gazette. Accordingly, second-hand motor land vehicles cannot be offered for sale at a price higher than the current sales price recommended by the manufacturer and distributors until July 1, 2024.
AUTHORITY TO EXTEND FOR ANOTHER 6 MONTHS
The regulation also states that the Ministry of Trade is authorized to extend this period for another 6 months.
What does the second-hand vehicle sales price regulation cover?
The Regulation on Amending the Regulation on the Trade of Second-Hand Motor Land Vehicles, which includes the second-hand vehicle sales price regulation, was published in the Official Gazette dated July 6, 2023, and numbered 32240. The prominent detail in the published regulation concerns the prices of vehicles to be sold in second-hand status. Accordingly, the second-hand prices of vehicles on sale cannot exceed their new vehicle prices.
Due to the constant rise in vehicle prices, the second-hand price of a vehicle purchased as new could exceed its new price after a certain period. The Ministry of Trade added a temporary article to the regulation to prevent this situation and curb price increases. According to this article, it is prohibited to sell second-hand vehicles at a price higher than their new price. This ban covers sales in both physical environments and on the internet.