The second-hand market is still stagnant. Many citizens prefer to rent a vehicle instead of buying one. Many citizens are investing their money in a deposit account. Along with all this, there has been another remarkable development in the second-hand market.
Cardata General Manager Hüsamettin Yalçın stated that the second-hand vehicle market will be challenging in 2024. Yalçın predicts that zero-mile vehicle prices will remain constant and campaign wars will continue until the end of the year. He also stated that if deposit interest rates remain high and credit access is limited, the second-hand vehicle market will be even more difficult.
Campaigns on zero-mileage cars and difficulties in accessing credit have negatively affected second-hand car sales. Experts predict that campaign wars on zero-mileage cars will continue in the second half of the year and that the stagnation in the second-hand market will continue. The number of cars transferred in the first six months of the year decreased by 17.7 percent compared to the same period of the previous year, falling to 3,224,873 units.
The June results showed the impact of the measures taken by the economic administration under the Medium Term Program on second-hand sales based on credit. The contraction of the market in this period was also contributed by the additional discounts made by brands on zero-kilometer vehicles due to the GSR2 regulation, which was planned to come into force on July 7 but was postponed, and the 40 percent additional customs duty applied to vehicles coming from China as of July 8.
The lowest June figure for second-hand car sales was last seen in 2019, at 399,916 units.
RATE OF INCREASE HAS SLOWED DOWN
The stagnation in the second-hand vehicle market, which has been going on for months, has also slowed down the pace of price increases. According to TÜİK data, inflation increased by approximately 25 percent in the January-June 2024 period, while the dollar/TL exchange rate increased by 10 percent. In contrast, price increases in the second-hand car market remained at only 6 percent. In June, the stagnation reached its highest level, with price decreases of 2 to 4 percent per model in the second-hand vehicle market; these decreases were especially noticeable in mid- and upper-segment models.
