MASFED Announces Expected Decline in Used Cars

As it is known, the dollar rate, which has seen 18 TL in the past days, has experienced a decline after President Recep Tayyip Erdoğan’s statements after the cabinet meeting. It was a matter of curiosity how this decrease would be reflected in automobile prices. The Motor Vehicle Dealers Federation (MASFED) stated that this decrease will be reflected in the prices of new cars and that “up to 20-25 thousand TLHe stated that there might be a discount.

Now, a statement has come from MASFED regarding the second hand car market. General president Aydin Erkoc In his statements, he stated that the decrease in the exchange rate after the ‘Currency Protected TL Deposit’ system will also be reflected in the second-hand vehicle market and a decrease in prices is expected.

“We can see a decrease between 20-25 thousand liras”

Speaking to Anadolu Agency, Erkoç talked about how the decline in exchange rates after President Erdogan’s statements on the ‘Currency Protected TL Deposit’ system will reflect on the automobile market. Emphasizing that the prices of some new vehicles have been updated, Erkoç said the following about the second-hand market:

“We will also see the effects of the decrease in the exchange rate in the used vehicle sector. Used car prices will also come back, but this will not be reflected in the market in 1-2 days. These price updates one week to 10 days can find. This is because the markets have to accept the decline in the exchange rate. In a vehicle worth 300 thousand liras 20-25 thousand liras We may see a decline between them.”

‘Markets will recover in 2022’

In addition to these, explanations were made about the reasons for the rising prices. Minister; He stated that the supply-demand imbalance caused by the disruptions in production due to COVID-19 increased prices. Emphasizing that 80% of the vehicles in the country are imported and 20% are assembled vehicles, Erkoç also underlined that the increase in the exchange rate is reflected in SCT and VAT.

Finally, the President of MASFED noted that the lack of vehicles at the dealerships also increased the prices. Erkoç stated that this situation will improve, the balance will be restored and the worldwide chip crisis will be resolved in the middle of next year, and that the markets will be together with new cars. in 2022 He added that he expects her to fully recover.