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  HOME PAGE 14/11/2024 05:51 
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The limited availability of credit options has directed citizens towards the second-hand market.

The limited availability of credit options has directed citizens towards the second-hand market.

12.11.2024 15:41

The increase in new car prices and high loan interest rates are directing citizens towards used cars. Dealers emphasize that purchases made through trade-ins will increase, while stating that the market will revive if loan interest rates decrease.

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The high price difference between second-hand and new cars has directed citizens towards second-hand vehicles. While new cars are regularly increasing in price, access to credit has become more difficult. In the case of second-hand cars, the situation is quite the opposite. Citizens can trade in their existing vehicle by adding a certain amount of money to purchase another vehicle.



THE MARKET WAS STAGNANT FOR A LONG TIME



The stagnation in the second-hand car market has given way to activity. The high price difference between new and second-hand cars has directed citizens towards second-hand vehicles. While there has been a regular increase in new car prices, purchases have declined due to high credit rates. In the second-hand market, citizens generally bring their existing vehicle and add 200-300 thousand TL to purchase a new one. Dealers stated that this activity in the second-hand market will further increase as credit becomes more attractive.



Activity has started in the second-hand car market


"ACTIVITY HAS COME TO THE SECOND-HAND CAR MARKET"



Dealer Yavuz Çiftçi, who noted that the second-hand car market is reviving, stated, "The reason for this is the gap between new and second-hand cars. The high interest rates on loans have directed citizens towards second-hand cars instead of new ones. Prices in the second-hand market generally range from 500 thousand TL to 2 million TL. Citizens usually bring their own vehicle and add 200-300 thousand TL to buy a new one. This situation makes purchasing second-hand cars attractive. Accessing credit is very difficult now. I don't think this will increase second-hand car prices. There won't be artificial increases like before. There is no rush for citizens; dealers have vehicles available. New cars are regularly increasing in price, but second-hand cars have been sold at the same prices for about a year," he said.



Activity has started in the second-hand car market


"IF INTEREST RATES FALL, THE BARRIERS IN THE SECOND-HAND CAR MARKET WILL BE LIFTED"



Çiftçi stated, "If credit interest rates become attractive in the upcoming period, the barriers in the second-hand car market will be lifted. Prices will remain stable. Our government has made decisions that can be implemented by qualified individuals instead of those who are not experts in this field. Therefore, this work is now being done by qualified individuals," he said.



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