Data shows prices have fallen in the second-hand market

In the latest edition of the Second-Hand Auto Report published by Quick Finans, which includes data for November 2023, significant industry trends were shared. The report, prepared in collaboration with SmartIQ and based on data obtained from online second-hand sales and auction platforms, evaluated changes in realized sales prices and sales velocity.

STRUGGLED WITH TRADE-INS

While campaigns conducted by distributors for 0-kilometer vehicles attracted individual customers, those who wanted to use their second-hand vehicles for trade-ins could not reach the prices they expected.

INDIVIDUAL CUSTOMERS LOWERED THEIR PRICES

Individual customers who wanted to renew their vehicles accelerated price reductions on their second-hand vehicles when they had difficulty trading them in. As the abundance of vehicles in the second-hand market increased, falling prices prevented sales from dropping below a certain level. Individual customers who wanted to sell their second-hand vehicles went for a 32 percent price reduction in November.

TIME ON THE MARKET CONTINUES TO LENGTHEN

According to the report, while vehicle prices in November declined by 9 percent in Euro terms compared to the previous month, the decline in TL terms remained at the 2 percent level. The time on the market increased by an average of 8 days compared to the previous month, exceeding 65 days.

News Source: İHA