Virtual price hikes mislead car buyers


There has been around a 10 percent increase in prices of used automobiles since the beginning of the year due to the increase in dollar and euro exchange rates. Increases on online sites have also reached up to 40 percent because of the virtual price increases.

Used car dealers said that an important part of sales on the Internet is to turn mobility of spring months into opportunity with high profit margins and they warned consumers against being deceived with virtual price increases. Hakan Yanık, president of the Bursa Chamber of Car Dealers, said used car sales increased in the second quarter of the year and they expected this mobility to continue at least until Ramadan, which is in the middle of July. Yanık pointed out that rises in the dollar and euro exchange rates were reflected in the prices of new cars and parallel to this, prices of used cars also rose. He also said that there is not price equilibrium for used cars.

Emphasizing that there are two separate markets - real and virtual - Yanık said: "Prices of used cars increased by 10 percent compared to the beginning of the year. There is a price increase ranging from TL 1,000 to TL 4,000 [$375 to $1,502] according to the models and versions. Price increases on the Internet reach up to 40 percent. What caused the increase in the used car market is virtual price increases."