Attention car buyers: Here are the models with the fastest price drops and the fastest sales

A new analysis covering prices in the second-hand vehicle market has been published. According to the report, the decline in real prices continued in August.

The research stated that prices fell by 4.2 percent on an annual basis in August. This marks the 14th consecutive month of price declines in the market.

While the research observed a 1 percent decrease in the number of listings, the number of vehicles sold increased by 3 percent.

The time it takes for vehicles to sell in listings has dropped to 23 days. So, which models are seeing the fastest price drops in the second-hand market, and which vehicles are selling faster?

Speaking to milliyet.com.tr about the matter, Hayrettin Ertemel, President of the Istanbul Motor Vehicle Dealers Association (İMAS), stated the following:

“The negative trend in the second-hand automobile market has been ongoing for more than a year. We are seeing minimal month-to-month decreases of between 1 and 2 percent in sticker prices. In this context, it is possible to consider these minimal decreases as stable. However, when evaluated against inflation and exchange rates, the annual decline is around 35 percent. In line with this data, a monthly decrease of approximately 5 percent in the average price of automobiles is reflected in the figures.

There has been limited activity in the second-hand market in recent days. The average sales speed has dropped to the 25-day level. However, although periodic fluctuations are observed, it is possible to say that the general picture is well below the desired level. At this point, the low-demand environment caused by high interest rates and difficulties in accessing credit remains one of the primary factors suppressing prices.

We observe that the decline effect is felt more significantly, especially in vehicles aged 5 years and older. Since second-hand cars with newer model years are more affected by their original list prices, price increases in new vehicles cause the prices of newer used cars to rise slightly or remain stable. When evaluated by segment, we can say that every segment of automobile is affected by price trends at parallel rates.

WHICH VEHICLES SELL FAST?

Just as with new cars, C-segment family cars are among the best-selling vehicles in the second-hand market. The Fiat Egea and Renault Megane are in the top three on the list. B-segment hatchback vehicles are also among the most preferred vehicles.

In recent years, models originating from China have been gaining significant popularity. We can say that models from the Chery brand are among the top 5 on the list of best-selling vehicles.

In recent days, with a slight increase in the prices of new cars, there has been a limited shift in demand toward the second-hand market. While the number of new listings posted saw a 1 percent decrease, the number of vehicles sold increased by approximately 3 percent. In parallel with these figures, the average sales speed has also dropped from 30 days to 23 days.

Although periodic increases have been recorded, the current data remains well below the levels we desire. We believe that activity will increase slightly in the coming period, but that the desired levels will be reached as of the first quarter of 2025.

New car campaigns have been continuing uninterrupted for nearly a year. Despite the impact of the market contraction and increases in foreign exchange rates and costs, brands continue to make efforts to avoid reflecting price hikes or to subsidize them.

On this occasion, the year-end campaigns held annually will be offered to consumers in the final quarter of the year. However, even though campaigns continue uninterrupted, we see that today's prices are in a more advantageous position compared to the beginning of the year, in line with the increasing exchange rate and rising costs.

Therefore, even if campaigns continue in the coming period, if there is an increase in the exchange rate, price tags will change, meaning today's figures will remain in a more advantageous position.

On the other hand, current costs have reduced the ability of brands to lower prices. Therefore, we believe that the content of campaigns will focus on maintaining price levels or supporting them with financing offers rather than price reductions.”