Decrease in Used Vehicle Prices Continues

Reducing used car prices
Reducing used car prices

MASFED Chairman Aydın Erkoç said, "There has been a 3 to 10 percent decrease in the prices of used vehicles, now is the time for those who think to buy a car"

Aydın Erkoç, President of the Motor Vehicle Dealers Federation (MASFED), evaluated the second-hand vehicle market in 2020. Expressing that 10 vehicles changed hands, Erkoç said, “Despite the negative effects of the pandemic, there was an increase of 5 percent in the second hand market compared to last year. We expect the used car market to close this year with 671 million units. As always, the weight will be in second-hand automobile sales, with a figure approaching 444 million. ''

Stating that the problems experienced in the supply of new vehicles due to the pandemic caused an increase in the prices of used vehicles throughout the year, Erkoç said that there was a decrease in prices as of November. In the upcoming period, due to the uncertainties that may be experienced in production and supply with the effect of the pandemic, there may be fluctuations in prices. We are now at a suitable time for those who want to buy second-hand vehicles. ''

Erkoç stated that by the end of the year, the balance of supply and demand in zero vehicles and the new year campaigns made by the dealers helped the second-hand prices to come back. This increase brought along speculative increases in prices. However, there is a decrease of 3 percent to 10 percent in prices right now. ''

Erkoç stated that they think that the second-hand demand, which has been postponed and pending, will increase with the vaccination studies and the decrease in cases in the upcoming period, and said:

“The potential rise in demand can bring along a price increase, as we experienced during the past summer. In addition, prices may increase if there is a possible production restriction in automotive companies related to the continuation of the pandemic process in 2021. In this case, it is a very suitable period for those who want to buy a vehicle. ''

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