Average real car prices have fallen for 13 consecutive months

sahibinden.com shared the report “Automotive Market Outlook” prepared by Bahcehir University Economic and Social Research Center (BETAM).

According to the company’s statement, the “Automotive Market Outlook” report compiled by BETAM based on advertisements on sahinden.com has been released. The automobile demand index in July increased by 30.9% compared with June and 5.7% compared with July last year.

The automobile market vitality indicator “the ratio of automobile sales to sales advertisements” was 19.5%, down 4.6 percentage points. Looking at the details of this indicator, we can see that both the number of advertisements and automobile sales have increased, and the “advertising closure age”, another indicator of automobile market vitality, also reflects the vitality of the automobile market. The broadcast time of automobile for sale advertisements increased by 1.8 days from the previous month to 25.6 days.

Average real prices have fallen for 13 consecutive months

After deducting inflation, the average real price of cars has fallen for 13 consecutive months. In July, the real price index was 164.8, down 4.1% from June. The annual growth rate of real prices has also declined.

The increase reached 47.9% in May 2023 and continued to decline in the following months, falling to -41.4% in June this year.

Average car prices fell moderately

The average price of cars fell slightly from the previous month. In June, the average price of a car was 871,000 liras 156 liras, and in July it became 862,000 liras 232 liras.

The annual rate of change in car prices continued to decline. Although the average car price rose 0.6% in June compared with the same period last year, it fell 4.6% in July.

The automobile demand index, which continued to rise from November 2023 to March 2024, fell significantly in April 2024 due to the long holiday. Although the demand index rose in May, unlike April, it showed a significant decline due to another long holiday in June.

In July, the car demand index rose sharply. Data showed that the car demand index rose 30.9% month-on-month and 5.7% higher than the same month last year. It seems that the promotional activities launched by car companies in response to the delayed holiday car demand and the EU’s announcement of new mandatory vehicle safety feature restrictions played an effective role in this growth.

The ratio of cars sold to sales ads grew 4.6% month-on-month to 19.5%. Looking at the context of this growth, we can see that the number of car sales ads grew 4.6% and car sales grew 36.7%.

Another indicator of the vitality of the automobile market, the “closed advertising period”, was extended as in the previous month. The July data showed that the advertising closed period increased by 1.8 days from the previous month to 25.6 days.