Used Cars Prices peaked in Turkey
The new investment favourite of the citizens has become second-hand cars. Citizens who bought second-hand cars for investment purposes began to wonder whether second-hand car prices would fall. While VavaCars CEO Lawrence Merritt makes evaluations about the zero vehicle market, it is curious as the stock of new cars will affect the prices of used cars.
The automotive sector had a very active last year due to the coronavirus. The price increases that started with the failure of new vehicle production to meet the demands increased both the used car market and the number of demands for new vehicles. Citizens who want to travel in their own vehicle due to the coronavirus cause the market for second-hand and new vehicles to be mobile, despite the price increase. As the prices of second-hand vehicles are constantly increasing, second-hand vehicles are now seen as an investment tool.
The problems that started in March with the coronavirus epidemic continue to grow increasingly. The lack of new vehicle stock, which significantly affects the used car market, paved the way for used cars to be used as an investment tool.
Due to the measures taken to prevent the second wave of the coronavirus, the increase in the prices of second-hand vehicles citizens; He directed him to buy second-hand cars as investment tools such as bitcoin, gold and dollars. Citizens started to investigate the prices of used vehicles, which they see as investment tools. Merritt shared the price changes by comparing the prices of September 2019 and September 2020 in its statement.
In the vehicle market that Merritt divided into segments, the rate of increase of the vehicles (mini) in the A segment was 47% in TL and 13% in dollar terms.
The increase rate of entry vehicles in the B segment was 53% in TL and 19% in dollar terms.
The increase rate of compact vehicles in the C segment was 51% in TL and 18% in dollar terms.
The increase rate in TL in the segment D, which includes family cars, was 50%, and the increase rate in dollars was 17%.
For the luxury vehicle category added to the E segment, Merritt evaluated the increase rate as 46% in TL and 14% in terms of dollars.