Recovered stolen cars sell for 25 pct cheaper

Recovered stolen cars sell for 25 pct cheaper

ANKARA - Anatolia News Agency
Recovered stolen cars sell for 25 pct cheaper

A new segment has been born of stolen cars not recovered by their owners in 30 days. These cars are resold at a discount at secondhand car dealers.Hürriyet photo

Insurance companies are selling recovered stolen cars for prices 20 to 25 percent lower than market value, creating a new segment, said professionals.

When a stolen car is not recovered within 30 days, insurance companies compensate the owner. If the car is found later, the insuree has the option of taking the car and returning the money. If the insuree keeps the money the insurance company sells the car at an auction.

About 10 secondhand car dealers, mostly based in Istanbul, take part in the auctions to acquire the cars and then resell them, sometimes repairing them. This is a legal process which ends in the sales of those cars at a discount of 20 to 25 percent of their market value, according to secondhand car dealers.
“Some people think that there must be problem with the car if it is that cheap. Yet, such hesitations are precisely the reason why those cars are cheaper,” one dealer said.

“There is no problem with selling previously stolen cars if the cars are sold by professionals,” said Aydın Erkoç, head of the Başkent Automotive Dealers Association.