Trend turns upwards: Prices keep dropping in Turkey’s second-hand car market
The price changes in the vehicle market are quite noticeable as of the new-year. Especially, there has been a shift in the direction of prices in the second-hand car market… Industry representatives have made statements regarding the future of prices.
In the second-hand car market, which has shown an upward trend since December, the trend has turned upwards consecutively over the past 3 months.
The President of the Istanbul Association of Motor Vehicle Sellers (İMAS), used the expression, “With the elimination of the problem in the supply of new vehicles through measures, the automotive market has entered a period of relaxation.”
Prices have declined in the market, but according to industry representatives, this situation seems to have been short-lived.
Speaking to CNN Türk, the same person said, “There were discounts both on new and second-hand vehicles. Of course, this continued until the new-year. It continued in the first months of the year as well.”
According to industry representatives, one of the reasons for the rise in prices is the depletion of 2023 stocks, and the other is the increasing exchange rate.
He said, “Model vehicles are starting to enter the market now; in these processes, the exchange rate is very influential. Since 65% of the vehicles sold in Turkey are imported vehicles, they are directly affected by the exchange rate. When new vehicles increase, second-hand car prices also increase.”
Ertemel said, “It’s currently a great buying opportunity. It’s slow during Ramadan, but we expect prices to rise during the holidays and summer months.”
