There is a serious contraction in the second-hand car market. According to the official turnover numbers carried out by notary offices, second-hand car sales decreased by 27.9% on an annual basis.
EBS Consultancy shared important data about the second-hand market. Sharing official sales data through notaries, Erol Şahin from EBS Consultancy revealed the decline in second-hand car sales.
According to the shared data, 515 thousand 415 second-hand cars were transferred through notary offices throughout April. This corresponded to a 27.9 percent decrease on an annual basis. It is seen that the sales in the first four months of the year were recorded as 2 million 200 thousand, which means that there was a 15.2 percent contraction on an annual basis.
The contraction in the second-hand market may continue further
When we look at the data, second-hand car sales on a monthly basis decreased in all months except February 2024 compared to the same period of the previous year. While around 450 thousand vehicle sales were recorded last year even in the autumn months, when sales were at their most stagnant, this year the 500 thousand threshold is barely passed in the spring months, when vehicle sales are expected to be at their highest level.
So what is the reason for this decline and how long will it continue?
There are several main reasons behind this decline. The first of these is that second-hand car prices have increased excessively following the supply problem and stockpiling experienced in new cars last year. With the solution of the supply problem and the prevention of stockpiling with the 6 month-6 thousand kilometer limit, the upward trend in prices was broken. This astronomical rise in prices and the subsequent abnormal stagnation naturally destroyed buyers’ confidence in the market.
The second factor is that there is an excess supply this year, the exact opposite of last year. Especially due to the regulation that will come into force on July 7 and the low demand, brands are announcing campaign after campaign to liquidate their new car stocks. The fact that it has become easier to obtain a new car “for those who can afford it” has caused the second-hand market to calm down. The decline in sales will probably continue at least until the regulation on July 7. We will wait and see what happens next…