BusinessTurkey

Second-hand automobile industry expects to close the year with over 8 million sales

Aydin Erkoc, the president of Federation of Motor Vehicle Dealers stated that with the increase in the supply of new vehicles towards the end of the year, the second-hand vehicle sector will also become active. He said: ‘’We expect a decrease in the prices.’’

Erkoc mentioned that there have been negativities also in Turkey due to the pandemic; yet, the increase in second-hand automobile market continues.

Erkoc pointed out that second-hand vehicle sales increased by 25.5 percent in the January-September period compared to the same period of 2019, the number of sales increased from 3 million 537 thousand 698 to 4 million 439 thousand 890.

Erkoc stated that the sales of used vehicles, which were on the rise in the first 3 months of 2020, declined in April and May due to the epidemic-induced curfews. Erkoc continued:

“The second-hand vehicle sales numbers in April decreased by 50.46 percent and from 468 thousand 217 to 231 thousand 977 compared to April 2019. There was also a decrease of 26.36 percent in May compared to May 2019; but as of June, with the loan support packages, there was a serious dynamism in both the new vehicle sales and the second-hand market. The sales, which were 399 thousand 916 in June 2019, increased by 93 percent to 773 thousand 260. “

Erkoc also pointed out that the second-hand sale numbers in August increased by 32.67 percent and from 444 thousand 290 to 589 thousand 426 compared to August 2019. He stated that the decrease in September sales was due to the increase in loan interest rates and the Special Consumption Tax. Erkoc said:

‘’ Towards the end of the year, after the arrival of new vehicles to the dealers, the supply-demand balance will be achieved with the increase in the supply of new vehicles, and the used vehicle sector will become active with the increase in new vehicle sales. We hope to see a decrease in prices. Despite the difficulties experienced in the economy due to the pandemic, the second-hand automobile industry was in demand throughout the year. As the second-hand automobile industry, we expect to close this year with over 8 million sales. Demand for second-hand vehicles will continue. “

source: AA / translated by Melisa Karayusufoglu

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