Decline in second-hand car prices continues: Most listed cars revealed

According to data from arabam.com, the decline in real prices for second-hand vehicles continued last month. According to the statement made by the company, arabam.com has released its second-hand vehicle market data for July 2024.

According to the monthly price index created by the company based on listing prices, while there was no significant change in current vehicle prices, there was a 3.7 percent decrease in inflation-adjusted real prices in July compared to June. This situation revealed that the downward trend in prices in the second-hand vehicle market continues.

It is estimated that second-hand vehicle owners who want to take advantage of zero-kilometer campaigns are listing their vehicles at slightly more affordable prices in order to sell them quickly.

There was no increase in the sales of zero-kilometer vehicles in July. According to company data, while the ratio of listings for vehicles with 200,000 to 300,000 kilometers increased by 2 points in July, the ratio of listings for vehicles priced up to 500,000 liras also increased by 1.8 points.

The brands most frequently seen in the company's listings last month were, in order, Fiat, Renault, Volkswagen, Ford, Opel, Hyundai, Peugeot, Toyota, Citroen, and Honda. When looking at the model level, the most common car models in the listings in July were, in order, Clio, Astra, Megane, Focus, Corolla, Egea, Passat, Polo, Corsa, and Civic.

It was observed that the proportion of low-priced vehicles in advertisements increased last month. The share of vehicles priced up to 500 thousand liras rose by 1.8 percentage points, accounting for 48.3 percent of the listings.

Vehicles in the 500 thousand 1 lira to 600 thousand lira price range accounted for 11.3 percent of the listings. While the share of vehicles in the 600 thousand 1 lira to 1 million lira range was 27.5 percent, the listing rate for vehicles over 1 million lira was 12.9 percent.

When the observed increase in listings is examined, it has been determined that the proportion of high-mileage vehicles within the rising number of listings is higher compared to others.

Listings for vehicles in the 1-300 thousand kilometer range showed a 2 percent increase, accounting for 31 percent of all listings. While vehicles with up to 50 thousand kilometers made up 12 percent of the listings, vehicles in the 50 thousand 1-100 thousand kilometer range accounted for 11 percent of the listings.

Vehicles in the 100 thousand to 200 thousand kilometer range accounted for 32 percent. Vehicles with over 300 thousand kilometers made up 13 percent of the listings.

In the statement, Halil Ali Şenay, Deputy General Manager of arabam.com Trink sat! and arabam.com Auto Expertise, noted that they observed a horizontal trend in used car prices last month and stated the following:

"In this period where new vehicle campaigns continue, we can say that the market is more active, especially for vehicles under 1 million liras, while for those above that price, interest has shifted somewhat toward new vehicles."

"We anticipate that prices in the second-hand market will continue their horizontal trend, provided that no economic developments occur in the coming period that would cause an increase in the prices of zero-kilometer vehicles."