Contraction in used cars continues

The president of the Federation of Motor Vehicle Dealers (MASFED), Aydın Erkoç, stated that the slowdown in the second-hand car market continued last month.

According to the statement made by MASFED, the statistics of motorized land vehicles for the January-September period from the Statistical Institute of Turkey (TUIK) showed that the contraction in the market continued in September after July and August.

The number of cars transferred, which was 596,392 in September last year, decreased by 20 percent to 476,502 in the same period this year.

‘THE MARKET HAS REACHED A STALLING POINT’

Erkoç, whose views were included in the statement, claimed that the market was paralyzed, saying: “The market, which has grown for 9 months since September 2021, continues to contract as of July 2022.”

Pointing out that this is due to reasons such as high interest rates, difficulties in accessing financing, inflation and changes in purchasing power, Erkoç demanded a permanent solution to revive the sector and meet the needs of citizens.

INCREASE IN DEMAND FOR VEHICLES 10 YEARS OLD AND OVER

Reporting that according to the data, 25 percent of the second-hand cars sold are vehicles 5 years old or older, and 60 percent are vehicles 10 years old or older, Erkoç said, “We see that the proportion of second-hand cars from 0 to 4 years is 15.48 percent. Due to costs, citizens’ demand for old vehicles, 10 years old or older, is increasing. (AA)