VavaCars reports decline in Turkish used car prices

According to the VavaAI Price Index released by VavaCars, used vehicle prices in Turkey saw a 0.2% decrease in August compared to the previous month. Over the last year, used car prices rose by 8.7%, a rate that remains below both the annual inflation rate of 31.51% and the appreciation of major currencies, with the US dollar increasing by 17.7% and the Euro by 16.9% against the Lira.

Since the beginning of the year, prices have increased by 5%, trailing the 22.1% inflation rate and the gains made by the US dollar (12.4%) and Euro (11.1%).

Several factors contributed to this trend. Increased price competition in the new car market, driven by manufacturer campaigns to support sales, has limited the upward movement of used car prices. Additionally, tight monetary policy, limited access to credit, and high financing costs have exerted downward pressure on demand. Global geopolitical developments and fluctuations in alternative investment assets have also influenced market movements.