Secondhand Car Market In Full Swing

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The number of secondhand car market rose by 1 million 962 thousand 868 units in the first 5 months with 8.4 percent growth compared with the same period previous year

Regarding currency rise consumers have directed towards the secondhand vehicles, so the market has increased 8.4 percent in the first 5 months this year. Increase in new vehicles’ prices regarding high foreign currency rates urged the consumers to buy secondhand vehicles. Last year 1 million 810 thousand 553 automobiles were handed over in the first 5 months, this year the number rose by 1 million 962 thousand 868 units in the same period with 8.4 percent growth. Last year, the new automobile registration in the first 5 months was 318 thousand 346 units, this year in the same period new automobile registration decreased 4.8 percent to 303 thousand 223 units.

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The sector representatives stated that the currency rate had reflected as negative to the new vehicle purchasing, so the consumers had directed towards the secondhand vehicle market, demand increase in the secondhand vehicles expected would continue in the rest of the year as well. DOD Retail Manager Erol Gundogan highlighted the growth rate in the secondhand market was higher than the new vehicle market. Indicating rise in the currency had directly affected the new vehicle market; Gundogan said the up and downward price movements which happen according to the currency rate or various variables have reflected to the secondhand market.

Commenting lack of vehicle supply in summer months was another factor that affect the prices, Gundogan recorded, “Taking into consideration this as a periodical effect, presumably high currency rate is the most effective factor. Along with dependency on the currency rate, proceeding of supply-demand balance in a healthily way, as well as sales campaigns for the new cars, we foresee the prices would trace a way in favor of the consumers towards year-end.” When the data of DOD taken into consideration, in the period of January-June 2015 while the vehicles were preferred between TL30-50 thousand, as for this year the vehicles were preferred between TL50-80 thousand, he said. “This data, which would be shaped depending on stockpile of the establishment, also it is an indicator that shows the customers have increased price interval in vehicle purchasing,” Gundogan said.

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He also foresaw the year 2016 would be a good year for the secondhand vehicle purchasing when they evaluate the sector data and economic indicators. In summer months, although growth speed would slow, Gundogan concluded, “In last 4 months, growth would get speed, the secondhand market will close by reaching 4 million 840 thousand units with 10 percent increase.”

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