Used Car Market in Turkey is in a Bad Situation! Here are the Figures
Used car sales continue to fall rapidly. Here are the used car sales figures for April and the first 4 months of 2024 according to data from notaries!
There is a great stagnation in the automobile market due to the difficulty in accessing loans and the increase in interest rates. While the number of second-hand vehicles offered for sale is increasing day by day, the bargaining shares have increased considerably due to the abundance of vehicles. For 1 million 500 thousand TL, we started to see examples on social media that a vehicle advertised for 1 million 500 thousand TL was purchased for figures such as 1 million 200 thousand TL.
Second Hand Car Sales Continue to Decline
So how is the used car market when we look at the numbers? According to the news shared by Automobile Journalist Emre Özpeynirci on Twitter, the used car market decreased by 27.9 percent to 515 thousand 415 units in April. When we look at the first 4 months, 2 million 200 thousand vehicles were sold with a decrease of 15.2 percent.
It should be noted that these figures are not the results of any survey, but official sales figures taken directly from the notary public.
This picture clearly shows that even if the exorbitant prices and inventory problems that emerged after the coronavirus outbreak have disappeared, people no longer trust the used car market. If you remember, after the coronavirus outbreak, used car prices surpassed zero-car prices due to inventory problems.
Dealers did not deliver the vehicles without purchasing accessories and even hundreds of thousands of liras were given as commission to dealers in order to receive the vehicles.
Today, there is no vehicle problem at dealerships and many vehicles are even sold below the list price. The reason for this, as we mentioned at the beginning, is that access to credit has become difficult and interest rates are very high. When interest in vehicles decreases, dealers are forced to make discounts.
