Demand for second-hand vehicles increased

The lifting of the travel ban on June 1 increased the demand for second-hand vehicles. After the Eid, some brands made 1-month sales in 5 days. Sales are expected to accelerate with the credit support of public banks that will come into effect on June 3.

“We made 1 month’s sales in 5 days”

Otomol CEO Uğur Sakarya pointed out that the announcement that the intercity travel ban ended as of June 1 immediately stimulated second-hand sales after the holiday and said, “Subsequently, as of June 3, loans with an interest rate of 0.82 percent were also included for second-hand vehicles in the credit support package of public banks. The fact that it is providing has literally turned into an explosion of demand. Moreover, the fact that this loan has a grace period of 6 months and can be used up to a high amount of 150 thousand TL caused the demand, which was postponed for 3 months due to the coronavirus outbreak, to turn into sales. Undoubtedly, the fact that the new vehicle stock is not at a sufficient level in most brands was a serious factor in this. “As Otomol, we reached almost a month’s sales volume in 5 business days after the holiday,” he said.

“Prices will balance”

Stating that the new loan package will further stimulate the second-hand market, Otoshops General Manager Melih Mutlu said: “During the extraordinary period we are experiencing, the total automotive market shrank by 50.46 percent in April compared to the same period of the previous year. The second-hand market, which started to become active as of May, will begin to recover with normalization steps as of June 1. The loan package announced by public banks on June 1 will positively affect the second-hand market, as well as the entire sector. This campaign, which will be implemented for the first time for second-hand vehicles, will increase demands. “In addition, second-hand vehicles put into the market by those who want to indirectly replace their current vehicle with a new one will also contribute to the stabilization of prices,” he said.

He buys a vehicle that avoids public transportation

While Mutlu said that they expect the second-hand market to grow in 2020 despite everything that has happened, “Lifestyles will change due to the coronavirus epidemic. “As we transition to the new normal, as the number of people who do not want to use public transportation increases and the number of people who want to go on holidays with their own vehicles increases, the automotive industry may complete with sales above expectations,” he said.

Prices increased by 10% in the last month

Prices in the second-hand vehicle market, where demand accelerated due to the epidemic, started to rise again. According to the analysis of ikiyeni, which announced the price average for April and May, second-hand automobile and light commercial vehicle prices, which tended to decrease in March due to the impact of the Covid-19 epidemic, increased in May after April. Second-hand car prices increased by 8.36 percent in May. Ikinciyeni General Manager Emre Ayyıldız stated that the increase continued in the last days of May and the beginning of June, and that the price increase in second-hand vehicles reached 10 percent in the last month. Ayyıldız said, “The main reason for this increase was that people preferred transportation alternatives that made them more isolated due to the epidemic. The credit support of public banks also accelerated the demand.”

High prices inhibit demand from turning into sales

Hüsamettin Yalçın, CEO of analysis company Cardata, stated that the number of second car advertisements on sahibinden.com exceeded 60 thousand in the last three days and said, “Normally, this number was around 20 thousand. The second-hand market is also booming in terms of numbers, the summer will be very active for the second-hand market. Last week, the number of advertisements entered was 47 thousand. Now the number of advertisements placed in the last 3 days is 60 thousand. Demand has increased a lot. However, I don’t think this translates into sales immediately because the prices are so high. Demand continues to increase, but its conversion into sales is not that fast. Because citizens are aware that the prices are very high,” he said.

Source: https://www.dunya.com/sektorler/otomotiv/ikinci-el-araca-talep-artti-haberi-471805

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