The Decrease in Second-Hand Vehicle Prices Continues

While there is an abundance of vehicles in the second-hand car market in Istanbul, prices have decreased by approximately 30% in the last year. Although vehicle prices have been stable for a while, they show a downward trend compared to inflation.

Assessment by Car Dealers

Car dealers express that there is an increase in stagnation in vehicle sales, stating that cars are no longer considered as investment assets. The abundance of vehicles and decreasing prices negatively affect the sector. Dealers emphasize that high credit interest rates have a negative impact on the market.

Preference of Vehicle Owners: Sales and Trade-Ins

In the second-hand automobile sector, it is observed that the majority of vehicle owners prefer to sell or trade-in their vehicles. High credit interest rates and limited installment options also play a role in this decision. Vehicle owners prefer to sell their vehicles to meet their cash needs.

Car dealer Isa Temur, “Currently, most people are selling their vehicles. We are also buying and selling vehicles with very low profit margins. High credit interest rates affect the market. If credit interest rates do not normalize, the market will deteriorate further. Vehicle prices do not decrease. People do not want to sell their vehicles for less than the amount they paid, but those who are selling need the money. Lately, many people are either selling or trading in their vehicles. There are no installment options outside the bank, and we cannot offer installments. There is currently an abundance in the second-hand automobile market. People mostly sell their vehicles and turn to interest. The market has been like this for about a year; when we look at the overall picture, there has been a 30% decrease in prices. Those who bought vehicles for investment purposes in the past are now selling them. I can say that vehicles are no longer considered as investment assets.”