Used Car Prices Returning to Normal

Evaluating the agenda within the scope of Automotive Summit events, Toyota Turkey CEO‘Ali Haydar Bozkurt made a remarkable debut. Evaluating second-hand car prices, which do not fall on Turkey’s agenda, Bozkurt said that the high price environment starting to end told. But are used car prices really falling? Let’s take a closer look at both Bozkurt’s statements and the reality in this statement.

Recognizing that there are problems in the automotive industry Ali Haydar BozkurtHe added that solutions should be produced against them. Toyota Turkey CEO, who also made statements about the year 2023, said that the situation is not very heartwarming, including the election. everything comes together He said he was going through a process.

Toyota Turkey CEO’s statement is as follows:

On the one hand, increasing inflation around the world, on the other hand, problems related to energy, problems related to industry, concerns about shrinkage in the markets in general, the answer to which needs to be found as we enter 2023. multiple questions is is showing.

We have not yet returned to the levels we call the old normals in production. The chip crisis continues. Logistics problems continue. Availability of raw material there are problems. There are significant increases in costs associated with all of these. Finally, the energy problem and the increase in energy prices came on top of this.

Sales figures to date availability determined. Many models had standby times of up to 5-6 months. As we approach the last quarter of the year, the market will again shape how many vehicles can be found from which model of which brand. Besides, there is a decrease in the number of potential customers who can reach new cars for two main reasons. slowdown is seen. The main reason for the slowdown is the gradual decrease in the customer potential that can reach brand new cars at today’s price levels. The second reason is getting credit problems experienced. Currently, both loan interest rates and loan rejection rates are very high. We expect the market, which was 770 thousand last year, to be around 750 thousand this year.

When we look at the developments in the world, we see that the Russia-Ukraine war continues. on the one hand energy costs We see it increasing. We see that this will definitely be reflected in the prices of foreign exchange-based products. These are alarming developments. Euro-TL exchange rate affects the Turkish market. It is very important whether the base arrangement will be made or not. Currently almost all vehicles over 80 percent is taxed. It is important whether a different measure will be taken regarding access to credit. On the other hand, there will be an election in 2023. The economic environment before and after the election will also determine the size of the market. When we look at the whole picture, Thank you for this year too It looks like we will enter 2023 in a way that we can say.

Due to the problems in the supply of new vehicles for the last two years, second vehicles have made a lot of premiums. Because right now, mobility is a necessity, not a luxury. What has happened in the second-hand vehicle market in the last one and a half years? that the unusually high price environment is slowly over we observe…

But are used car prices really falling?

Industry sources make statements about the decrease in used car prices from time to time. However, when we look at the rational data, it is very didn’t happen We see. For example; In a news that we shared with you a short time ago, we explained how the claim that the prices of second-hand cars has fallen has shaken the agenda and that these ‘decreases’ are not seen very often, especially on second-hand sales sites. we talked about.