Second-hand Car Prices Expected to Drop as Campaign Gains Momentum
The recent delay in the implementation of the General Safety Regulation (GSR) has sparked a wave of campaigns and discounts in the new vehicle market, attracting the attention of consumers. Originally set to come into force on July 7, the GSR has now been postponed to August 31, allowing for continued promotions on vehicles that do not comply with the regulation.
According to Istanbul Motor Vehicle Dealers Association (İMAS) President Hayrettin Ertemel, discounts of 10 to 15% off the list price are currently being offered on average, with rates varying from brand to brand. The extended period until August 31 primarily covers nationally type-approved cars produced in Turkey, with certain models eligible for the campaign.
The duration of the campaigns will depend on the availability of vehicle stocks, with expectations that sales numbers will determine the end date or reduction in discounts. While the prices of second-hand cars may not see significant decreases due to limited profit margins and seller expectations, the market may see a slight increase in prices in the last quarter of the year if new car prices rise as a result of the GSR.
Despite challenges in accessing credit and lower demand for second-hand cars, consumers are turning to barter offers in both new and used markets. With the continuation of campaigns and discounts, it will be crucial for users to accept realistic prices and for car dealers to offer competitive deals to navigate the changing dynamics in the automotive market.
