Used Vehicle Prices are Expected to Decrease Towards the End of the Year

Aydın Erkoc, President of the Motor Vehicle Dealers Federation, stated that the used vehicle sector will become active with the increase in the supply of new vehicles towards the end of the year and said, "We hope there will be a decrease in prices." said.

Motor Vehicle Dealers Association President Aydin Erkoc A new type of coronavirus (Covid-19) because of the outbreak as well as all over the world that Turkey also negativities experienced, though it Used cars said it continued to rise in the market.

Pointing out that second-hand vehicle sales increased by 25.5 percent in the January-September period compared to the same period last year, Erkoc reported that the number of sales increased from 3 million 537 thousand 698 to 4 million 439 thousand 890 during these periods.


Used vehicle prices are expected to decrease towards the end of the year


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Erkoc stated that the sales of used vehicles, which were on the rise in the first 3 months of the year, declined in April and May due to the epidemic-induced curfews. Erkoc continued as follows:

"The second-hand vehicle sales, which was 468 thousand 217 in April 2019, decreased by 50.46 percent in the same month this year and was recorded as 231 thousand 977. There was a decrease of 26.36 percent in May compared to the previous year, but as of June, With the announced loan support packages, there was a serious dynamism in both the new vehicle sales and the second-hand market. The sales, which were 399 thousand 916 in June 2019, increased by 93 percent to 773 thousand 260. "

WE DO NOT HOPE DROP-IN SECOND-HAND PRICES

Stating that there was an annual increase of 32.67 percent in second-hand vehicle sales in August, Erkoc stated that the number of sales recorded as 444 thousand 290 units in August last year increased to 589 thousand 426 in the same month of this year.

Erkoc pointed out that the sales decreased in September due to the increase in loan interest rates and the Special Consumption Tax, and said:

"After the arrival of new vehicles to the dealers towards the end of the year, the supply-demand balance will be achieved with the increase in the supply of new vehicles, and the second-hand vehicle sector will become active with the increase in new vehicle sales. We hope to see a decrease in prices. As the second-hand sector, we expect to close this year with over 8 million sales. Demand for second-hand vehicles will continue. "


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