The used car market in Turkey has witnessed an active season compared to previous years that it has become difficult to find a car in the market.
What is the reason for the increase in used car sales?
Recently, used car prices have risen to amazing levels especially in the past few years, economic fluctuations and increased demand in the automotive sector have reshaped the used car market.
In a statement to Khairuddin Ertemal, head of the Car Dealers Association in Istanbul, to a local newspaper, he said, “People have begun to view cars as an investment tool and not as a necessity in recent years, and due to expectations of a rise in car prices after the upcoming general elections, new and used sales have increased since January.” “.
The holiday activity also caused market movement and an increase in sales during the month of April, he said.
And in the last quarter of 2022, with the expectation of the newly enacted new tax exemption regulation, expectations of a drop in prices spread, and accordingly, the majority of car purchase plans were postponed until this decision.
With the decision announced in December, the deferred plans were implemented and demand for the cars increased exponentially. This process reached its highest level in January 2023 and almost doubled to 97.2, according to local newspaper reports translated by the New Turk Post.
Atimal continued, “We had a similar process in 2018 as well. Since the car was in high demand before the elections, it was believed that the operation would continue steadily throughout the year. On the other hand, if production costs continue to rise and higher prices continue to stimulate demand for cars, which are seen as an investment tool, sales figures will continue at a high rate.”
The most demanded model in used cars
C-class family cars are among the most preferred in terms of price/performance and comfort. Also, the local production vehicles in this segment are the most preferred cars with the price advantage they offer compared to their counterparts.
Reports show that the highest demand in the used car market is for vehicles that are 5 years old and older. As of April-May of 2023, the price of 5-year-old automatic C-class family cars and favorites is around 550 thousand TL.
Based on the current environment and available information, prices are expected to increase in the summer months.
However, if post-election demand is not as high as it is today, price increases may continue in a balanced manner.
Source: agencies
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