Motor Vehicle Dealers Federation (MASFED) Chairman Aydın Erkoç evaluated the second-hand automobile industry. Stating that the market, which has been stagnant for a long time, has become active with the warming of the weather and the approach of Ramadan Feast, Erkoç said, "There is a 10% increase in sales."
Stating that the second-hand market has been stagnant for a long time, Erkoç said, “According to the newly announced figures, the second-hand automobile market reached 11,3 thousand units in March with an increase of 503 percent. We can say that the complete relaxation of the pandemic restrictions, the approach of the summer season and the holiday reflects positively on the sector this year, as every year,'' he said.
Expressing that the second-hand market started to recover in April, Erkoç said:
“The second-hand automobile market, which was 2021 million 3 thousand 1 units in the first three months of 64, reached 434 million 2022 thousand 1 units in the same period of 178. In other words, there was an upward change of 550 percent in the market. The regulation on vehicle loans carried out by the BRSA last month also had a positive impact on the second-hand automobile industry. Our citizens, who cannot use loans due to the restriction in vehicle loans, can use loans, and we can observe the movement experienced thanks to this regulation. Uncertainty in the markets caused our citizens to wait. However, decreasing the down payment amount and increasing the number of installments mobilized our citizens who wanted to buy a vehicle but postponed it and were waiting. In addition to the BRSA regulation, the arrival of the spring months, the relaxation of the Pandemic restrictions and the approaching Ramadan Feast have increased the vitality in the market. In addition, we can say that there is a 10 percent increase in sales at the moment, as the increase in new vehicle prices has increased the demand of our citizens for second-hand vehicles.
Expressing that inflation is increasing day by day and purchasing power is decreasing, Erkoç said, “This situation is also reflected in people's vehicle preferences. While vehicles aged 15 and over are sold more easily, our citizens also pay attention to the fuel performance of the vehicles. The most fuel-stingy vehicles are preferred by the buyers,'' he said.
Pointing out that there may be an increase in prices with the revival in the sector, Erkoç said, “While the stagnation in the second-hand market continued, prices also remained stable. We anticipate that the increase in new vehicle prices will also be reflected in second-hand vehicle prices as of this month, and therefore, the prices will increase as well,'' he said.
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