Closed second hand car ignition

cem SPOTLIGHTS

When the market came to a standstill following rising exchange rates, transfers made through notaries decreased by 17.8 percent for cars and 13.4 percent overall compared to the same month last year.

INCREASE IN NEW VEHICLES

Aydın Erkoç, president of the Federation of Motor Vehicle Dealers (MASFED), said that this decline in the second-hand car market is due to the consumer having problems accessing financing. August data from the Turkish Statistical Institute (TUIK) showed that the increase in sales compared to the same month last year remained at 15.4 percent for automobiles and 19.4 percent for the total vehicles. Thus, at the end of the first 8 months, turnover in the used vehicle market reached a total of 7 million 510 thousand 360, of which 5 million 37 thousand 596 were cars, while the increase compared to the same period of 2022 was 23.6. percent in automobiles and 23.4 percent in total.

The trend toward new vehicles also influenced blood loss. During the period in which second-hand sales declined or increases remained low, new car sales increased 75 percent in June and July compared with the same months a year earlier, 86 percent in August and 67.4 percent in the first eight months. .

Consumers cannot access financing

MASFED President Aydın Erkoç stated that consumers’ access to financing must be facilitated to revive the second-hand market, where the recession has become increasingly chronic. Erkoç stated that sales increased compared to the same period last year, but the market contraction continued from June 2023.