Report released: Automobile sales continue to decline

According to the Automobile Market Outlook report, the decline in real prices of automobiles continues.

According to the statement, the "Automobile Market Outlook" report was prepared by the Bahçeşehir University Center for Economic and Social Research (BETAM) based on advertisements published on sahibinden.com.

The report, which analyzes the general state of the second-hand automobile market, automobile prices, and the supply-demand balance according to vehicle classes, age groups, and fuel types, examined the changes experienced in the automobile market in the recent period.

DEMAND DECREASED IN APRIL

The automobile demand index recorded a decrease in April due to the long holiday, contrary to the previous 5 months. In April 2024, the demand index decreased by 12 percent compared to the previous month, reaching 93.4. Similarly, the demand index fell by 28.6 percent compared to the same month of the previous year.

The ratio of the number of automobiles sold to the number of advertisements for sale, which is monitored as an indicator of vitality in the automobile market, decreased by 2.6 to 17.1 percent. The number of advertisements for automobiles for sale declined by 4.9 percent, and the number of automobiles sold fell by 17.5 percent.

The "closed advertisement age," which shows how long automobile advertisements for sale remain active, increased by 2 days compared to the previous month, reaching 24.5 days according to April 2024 data.

THE INCREASE RATE IN PRICES WAS 23.3 PERCENT

When adjusted for inflation, average real automobile prices have been falling for 10 months. The real price index decreased by 2.1 percent compared to March, reaching 179.9. While it was noted that the annual increase rate in real prices also fell, the increase rate, which reached 47.9 percent in May, continuously decreased in the following months and fell to minus 27.4 percent in April.

There was a slight increase in average automobile prices. The average automobile price, which was 859 thousand 35 TL in March, rose to 867 thousand 813 TL in April. Despite this, while the decline in the annual change rate of automobile prices continues, the annual increase rate, which was 31.8 percent in March, fell to 23.3 percent in April.