Used Car Prices Drop For The First Time This Year

Second hand vehicle prices dropped for the first time this year
Second hand vehicle prices dropped for the first time this year

The automotive sector, which closes the end of the year with high sales almost every year, started to be below expectations in December. The decline in demand was also reflected in second-hand vehicle sales.

The automotive sector, which closes the end of the year with high sales volumes almost every year, started to be below expectations in December. The decline in demand was also reflected in second-hand vehicle sales. Used car prices dropped an average of 10 percent in December compared to the previous month, according to Cardata data. Cardata General Manager Hüsamettin Yalçın said, “Used car prices have dropped for the first time in the last 1 year. The unstable situation in foreign currency and pandemic conditions makes the decision of consumers to buy a second-hand vehicle. To "wait-and-see policy" caused him to translate. In our market analysis, we observed that these second-hand price decreases were between 6 and 12 percent on average, ”he said. Hüsamettin Yalçın also added that the pandemic effect, the increase in interest rates and the maturity decisions taken by the BRSA will reduce the sales of 0 kilometer vehicles.

While many sectors shrank due to the pandemic in 2020, the automotive sector broke records in the domestic market. In the sector not shrinking despite the pandemic; Seeing the automotive as an investment tool due to postponed demand, economic fluctuations and the special interest campaigns implemented were effective. Maintaining high sales figures until the beginning of November, the sector started to be below expectations in December. The decline in demand was also reflected in second-hand vehicle sales. Used car prices dropped an average of 10 percent in December compared to the previous month, according to Cardata data. Husamettin Yalçın, General Manager of Cardata, said, “One of the most important factors in the decrease in demand is that the consumers stop exchanging the currency in their hands and delay the decision to purchase used vehicles. As another reason, we can show the thought of not making an investment in such a process psychologically and motivationally due to the pandemic. In this context, the unstable situation in foreign currency and pandemic conditions makes the decision of consumers to purchase a second-hand vehicle. To "wait-and-see policy" caused him to translate, ”he said.

"Second hand prices fell for the first time this year"

Cardata General Manager Hüsamettin Yalçın stated that the consumer, who gave up purchasing 0 kilometers of vehicles since mid-November, naturally did not use the second-hand vehicle in their hands for the exchange, and stated that this situation caused a decrease in second-hand supply and reduced the variety of demand. Hüsamettin Yalçın said, “In addition, the tradesman or seller, who had a stock of high-cost second-hand vehicles for a long time, could not withstand the burden of more inventory costs in this economy and pandemic conditions, and lowered the prices to sell the used vehicles quickly. For all these reasons, second hand vehicle prices have dropped for the first time in the last year. In our market analysis, we observed that these second-hand price decreases were between 1 and 6 percent on average. "We anticipate that this decrease in used vehicle prices will continue gradually until the end of December, with the effect of the year-end campaigns for 12 kilometers vehicles."

"Only 150 zero-kilometer vehicles remained in the 13 thousand TL band"

Cardata General Manager Hüsamettin Yalçın emphasized that, in his evaluation, with the effect of the re-increase in interest rates and the maturity arrangement brought by the BRSA to vehicle loans, vehicle sales of 0 kilometers will decrease, “Brands have initiated a wide variety of sales campaigns in 0 kilometer vehicle sales. These campaigns will definitely have an impact on sales, but prices are still very high. The lowest 0 kilometer vehicle price is now 123 thousand 900 TL. So much so that among 0 passenger cars in the market currently sold as 1071 kilometers, only 150 passenger cars in the 13 thousand TL band, and only 200 passenger cars in the 81 thousand TL band. Therefore, we do not foresee that the domestic market will see 94 thousand units in December as in October or 80 thousand units as in November. In addition, in line with the BRSA decisions, the maturity limit for vehicle loans above 300 thousand TL and the maturity limit from 48 months to 36 months for loans above 750 thousand TL and the interest rate increase from 48 months to 24 months and the interest rate increase last week will affect the zero kilometer sales downward. he spoke.

Here is the Second Hand Price Change from November to December

Brand Model M. Year November 2020 December 2020 Change        

  1. Volkswagen Jetta 2015 TL 230.000 TL 203.200 11,9%
  2. Fiat Egea 2017 TRY 132.800 TRY 117.300 11,7%
  3. Volkswagen Passat 2015 TRY 318.200 TRY 281.800 11,4%
  4. Fiat Linea 2015 TL 105.600 TL 94.500 10,5%
  5. Peugeot 301 2018 TL 139.300 TL 125.300 10,1%
  6. Volkswagen Passat 2016 TL 334.300 TL 302.600 9,5%
  7. Peugeot 301 2017 TL 131.900 TL 119.600 9,3%
  8. Volkswagen Polo 2016 TRY 180.800 TRY 164.300 9,1%
  9. Renault Fluence 2015 TRY 169.400 154.800 TRY 8,6%
  10. Volkswagen Golf 2016 TL 230.200 TL 210.600 8,5%

Hibya News Agency

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