EBS Consultancy shared important data about the second-hand market. Erol Şahin from EBS Consultancy shared official sales data through notaries and revealed the decline in used car sales.

According to the data shared, 515,415 second-hand cars were transferred through notary offices in April. This corresponded to a decline of 27.9 percent year-on-year. It can be seen that turnover in the first four months of the year was recorded at 2 million 200 thousand, which means that there was a year-on-year contraction of 15.2 percent.

The decline in the second-hand market may continue

Looking at the data, used car sales on a monthly basis have declined in all months except February 2024 compared to the same period of the previous year. While last year around 450,000 cars were sold even in the autumn months, when sales were most stagnant, this year the 500,000 car threshold will barely be exceeded in the spring months, when car sales are expected to be at their highest level.

What is the reason for this decline and how long will it last?

There are several important reasons for this decline. The first of these is that used car prices have increased excessively due to the supply problem and stockpiling of new cars last year. By solving the supply problem and preventing the build-up of stocks with the limit of six months to six thousand kilometers, the upward trend in prices was broken. This astronomical price increase and the subsequent abnormal stagnation obviously destroyed buyers’ confidence in the market.

The second factor is that there is an oversupply this year, the exact opposite of last year. Mainly due to the regulations coming into effect on July 7 and low demand, brands are announcing campaign after campaign to liquidate their new car stocks. The fact that it has become easier to get a new car ‘for those who can afford it’ has calmed down the second-hand market. The decline in sales is likely to continue at least until the settlement on July 7. We’ll wait and see what happens next…