600 thousand vehicles left stock

The Ministry of Commerce’s fight against stockists and manipulations that lock the automobile market has brought the stocks to light and brought down the prices with the increase in the number of vehicles for sale in the market. Sales platforms are flooded with new and second-hand vehicles before advertising with the identity verification that will be implemented in November. Until 3 months ago, there were around 300 thousand vehicle advertisements for sale on Turkey’s most used advertising sites. Despite the existence of people who want to sell their newly produced and existing vehicles in the second-hand market, prices increased by more than 200 percent last year because of the vehicles purchased by stockists and withdrawn from the market. The bubble created in car prices by speculators who inflated the market with fake advertisements has begun to melt with the measures taken in recent months.

THE FOAM IN PRICES HAS MELTED

The struggle, which started when the Ministry of Commerce linked the sale of new vehicles in the second-hand market to the 6 thousand kilometers and 6 months rule, was deepened by putting dealers and advertising sites under the spotlight. Then, the penalties for speculators who violated the rules and disrupted the balance of the market were increased. Last August, following penalties up to the cancellation of the dealer’s license; It was decided to ban the posting of real estate and second-hand vehicle advertisements on advertisement sites by hiding identity.

100 THOUSAND TL FINE STARTS ON OCTOBER 1

With the Regulation on Amendments to the “Regulation on the Trade of Second-Hand Motor Vehicles” prepared by the Ministry of Commerce and published in the Official Gazette dated 31 August 2023, the identity of the person, his/her spouse, first and second degree blood relatives is to be prevented from being placed on advertisement sites by hiding their identity. It is prohibited to advertise real estate or vehicles that do not exist or are not authorized by the owner. Those who violate the regulation, which will come into force 2 months after its publication date (October 1, 2023), will be subject to an administrative fine of 10 thousand Turkish Liras to 100 thousand Turkish Liras for each violation.

THE NUMBER OF ADVERTISEMENTS HAS INCREASED 3 TIMES

The number of vehicle advertisements on Turkey’s most used advertisement sites, which was around 300 thousand until 3 months ago, increased to 958 thousand. This shows that approximately 600 thousand vehicles kept in stock have been released to the market thanks to the new application. The obligation to verify identity on advertising sites, which was published on August 31 and will come into force from the beginning of November, was one of the most important factors in the accumulation of advertisements and vehicles.

PRICES DECREASED BY 100-150 THOUSAND TL

The prices of vehicles on advertising sites have decreased by an average of 100-150 thousand TL compared to 3 months ago. In addition, people who bought new vehicles for investment purposes also advertised 26 thousand 200 new second-hand vehicles with mileage between 6 thousand 1 and 8 thousand kilometers. While the total number of electric vehicles advertised is 2 thousand 868, more than half of these vehicles, a total of 1 559 vehicles, are advertised between 6 thousand 1 and 8 thousand kilometers.