Demand increased in the used car market

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The second-hand car market is experiencing activity in the last days of the year. After the demand for second-hand vehicles increased, prices in the market increased by 3 percent in the last two months of the year.

In the last days of the year, the used car market revived.

Demand for second-hand vehicles increased due to the fact that the SCT tax base regulation for new vehicles did not cause the expected decrease in prices and the ongoing supply shortage.

The declines in the second-hand car market in October and November were replaced by intense demand towards the New Year. In the first 10 months of the year, 5.5 million second-hand vehicles were sold against the 500 thousand new vehicle sales. Industry officials expect both demand and prices for second-hand vehicles to continue to rise due to the shortage of new vehicles and difficulties in accessing credit.

“INCREASE IN THE LAST TWO MONTHS OF THE YEAR”

Hüsamettin Yalçın, General Manager of Automotive Data Company, evaluated the dynamism in the used car market as follows:

“There has been no activity in the second-hand car market since last holiday. However, with the end of the year, those who could not reach a new car increased the demand for second-hand cars. In the last two months of the year, there was a 2-3 percent increase in second-hand car prices.”

Yalçın stated that while the prices of zero km vehicles increased by 70 percent while the prices of second-hand vehicles increased by 60 percent in 2022, “If there is no activity in the exchange rate, zero km vehicle sales seem to increase by 15 percent at most.”

The automobile industry expects permanent financial solutions, such as lowering interest rates and increasing the number of terms, in order to maintain its vitality.



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