Auto Sales Down 7% Year-on-Year Amidst a Rise in Listings
The online second-hand passenger and light commercial vehicle market in Turkiye experienced a notable dip in May, with sales falling by 7% compared to the same period last year, amounting to 160,811 units sold. Last month, 411,203 corporate listings were posted across online platforms, reflecting a 26% year-on-year increase and a 17% rise from the previous month.
Of these listings, 39% resulted in sales. Despite the overall year-on-year decline, there was a slight 2% increase in sales from April.
Price Trends
An analysis of 366,170 listings from the top 35 brands and 249 models revealed that retail prices in the online second-hand passenger and light commercial vehicle market dropped by an average of 0.35% in May compared to April. However, prices have risen by 1.89% since the beginning of the year.
Electric Vehicle Sales on the Rise
In terms of engine types, diesel vehicles led the market with 95,161 units sold in May. Gasoline cars followed with 58,938 units, and LPG vehicles with 4,086 units. Notably, hybrid car sales reached 1,300 units, while electric car sales hit 1,326 units, a significant increase from the 710 electric cars sold in May 2023.
Comparing the first five months of this year to the same period last year, diesel vehicles saw a 4.32% decrease in their share of total sales, whereas electric vehicles experienced a 105% surge in market share.
Average Selling Speed
The average time to sell a vehicle in the online second-hand market in May was 48 days. Fiat vehicles were the fastest sellers, averaging 41 days, which is 7 days quicker than the market average. On the other hand, Mercedes-Benz and BMW vehicles were the slowest, taking an average of 60 days to sell.
Source: Trthaber / Prepared by Irem Yildiz