sahibinden.com Automotive Market Outlook Report: Demand Rises for Used Cars as Prices Continue to Fall
According to the "Automobile Market Outlook" report, prepared by the Bahçeşehir University Center for Economic and Social Research (BETAM) through analysis of listings on sahibinden.com, automobile sales are increasing while prices continue to decrease.
The statement included the following observations:
Based on the data analyzed for September, the automobile demand index showed a decrease of 0.4% compared to August, but an increase of 41% compared to September last year. The ratio of sold vehicles to the number of listings, an indicator of market activity, increased by 0.8 points to 21.1%. Detailed analysis reveals that the number of listings decreased by 2.9%, while the number of vehicles sold rose by 1%. The average time listings remain active, a measure of market dynamism, shortened by 0.9 days to 22 days compared to the previous month.
Real sale prices continue to drop. When adjusted for inflation, the average real price of automobiles has been declining for 15 months. The real price index fell by 1.2% compared to August to 159.4. The annual change in real prices remains negative. The rate of change, which reached 47.9% in May 2023, steadily decreased to -41.1% in July 2024. The annual change saw a slight increase in September, reaching -35.6%.
The average car price saw a moderate increase. The average car price rose slightly from 865,433 TL in August to 880,318 TL in September. The decline in the annual rate of change for car prices has stabilized, with the average price decreasing by 3.8% compared to the previous year.
In July, it was suggested that the demand indicator might have spiked due to post-holiday effects and promotional campaigns from car companies in response to new EU regulations. This rise in demand continued in August, albeit with a slowdown, but car demand slightly decreased in September. The automobile demand index dropped by 0.4% in September compared to August but rose by 41% compared to the same month last year.
While car supply decreased, the number of cars sold increased. The ratio of sold cars to the number of listings rose by 0.8 points to 21.1% compared to the previous month. This increase was driven by a 2.9% reduction in the number of listings and a 1% rise in the number of cars sold.
The average age of closed listings, another measure of market vitality, shortened, contrasting the previous two months’ trend. As of August 2024, the average age of closed listings was 22 days, a decrease of 0.9 days from the previous month.