Representatives of the used car market shared the first expectations about the market in 2023.
In 2022, which we are getting ready to leave behind, we faced periods of extraordinary developments in the automotive market. While the unstoppable rise in prices continued, we witnessed that the SCT reduction expectations were inconclusive. The base update, which was put into use at the end of November, was insufficient to meet the expected comprehensive effect. The second-hand vehicle market also performed below expectations in 2022. While the second and third quarters of the year were quite stagnant with the effect of the SCT expectation, the delay in the steps taken to decrease the prices caused the prices to rise again, leading to the behavior of postponing the purchasing decision of the consumer. In 2023, when we move towards an electoral economy, the expectations are that access to vehicles will be relatively easier through credit.
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Used car prices have continued to increase recently
Otomerkezi.net CEO Muhammed Ali Karakaş, who shared the data they obtained about the market, stated that the market gained momentum in the last days of the year. Black eyebrows; “The clarification of the Special Consumption Tax base regulation and the thought that a new regulation would not be possible in the short term, caused a serious movement in the sector. Our citizens are of the opinion that they will buy the car they did not buy today at a higher price tomorrow due to the inflationary environment. As there is no significant decrease in prices, we observe an increase of 2.5%-3.5%. Insufficient supply of zero km vehicles is also effective in this process.” said.
Expressing that car ownership brings very serious costs, Karakaş said; “Reducing the number of loan installments and still high interest rates necessitate the introduction of some new regulations in an environment where 67% of consumers use loans while purchasing a vehicle. Execution costs have risen a lot compared to previous years. Fair solutions can be produced. This still remains a serious burden on the consumer. The gap between consumers’ expectations and market realities is widening. Our foresight and the hope of the citizens is that in 2023, purchasing conditions will become easier, supported by low loan interest rates and long terms, and it will be a year oriented towards needs and purposes.” he said.
Orhan Ulgur, 2plan Chief Executive Officer; “We believe that the policies that started with interest rate hikes for inflation in the world will enter a slowdown phase; We anticipate that interest rate hikes will stop worldwide. Turkey’s entry into the electoral economy in 2023 will lead to an abundance of liquidity and a revival of the economy. However, the fact that the sensitivity of the increase in the exchange rates will continue may cause a year in which economic vulnerabilities will be experienced. In the light of these data, we expect the second-hand automotive sector to take place at a rate parallel to this year.” stressed market expectations.