Used Car Prices PLUMMET in October! What's Driving the Drop?

Good news for anyone in Turkey looking to snag a used car! Data fresh from a joint report by BETAM and sahibinden.com shows that second-hand vehicle prices took a noticeable tumble in October. We're talking an 8% decrease compared to the same time last year. This definitely puts buyers in a stronger position when negotiating that next car purchase.

Used Car Prices PLUMMET in October! What's Driving...

The BETAM report, pulling its insights directly from the extensive listings on sahibinden.com, delved deep into the October trends. The headline? Real prices in the used car market are still leaning in favor of the consumer. While prices remained relatively stable month-over-month, that 8% year-over-year drop is significant. The average used car in Turkey was going for around 1,086,000 TL in October 2024, according to the report. That's a chunk of change, but the decrease is a welcome change of pace.

What's interesting is that this activity isn't limited to just older or newer models. The report highlighted movement across all age segments. To give you a clearer picture, here's a snapshot of average prices based on model year: 2019 models averaging 1,407,000 TL, 2020s at 1,611,000 TL, 2021s hovering around 1,616,000 TL, 2022 models going for 1,785,000 TL, and 2023s priced at about 1,943,000 TL. Even the newest 2024 models saw a slight dip, decreasing by 0.6% to an average of 2,046,000 TL. I guess even the newest used cars feel the pressure.

Breaking it down by vehicle class, the report found that prices experienced moderate yearly and monthly increases across the board. The B segment (think smaller, more compact cars) saw the biggest annual jump at 26%, while the E segment (larger, luxury vehicles) saw the smallest at 21.5%. The C segment (your typical family sedan) saw a 25.4% change, and the D segment (slightly larger sedans and wagons) clocked in at 24%. Average prices across those segments were: B segment - 717,211 TL, C segment - 960,603 TL, D segment - 1,379,000 TL, and E segment - 2,245,000 TL. Something for everyone, depending on your needs and budget.

Fuel type also plays a role, naturally. According to the October data, average prices actually went up for all fuel types *except* electric vehicles. Gasoline cars averaged 1,335,000 TL, gasoline/LPG combos were around 579,680 TL, diesel vehicles came in at 1,063,000 TL, hybrids averaged 2,434,000 TL, and electric vehicles commanded the highest price at 3,697,000 TL.

Looking at annual price changes by fuel type, gasoline vehicles showed a 20.9% increase, gasoline and LPG a 16.6% bump, diesel vehicles an 18.4% rise, hybrid vehicles a 13.9% climb, and electric vehicles a 14.3% gain. So, if you're thinking of selling your EV, maybe hold off for a bit? Overall, the used car market in Turkey seems to be presenting some interesting opportunities for buyers right now, so get out there and do your research!