Shocking rise in car prices: The cheapest new vehicle has exceeded 1 million TL
As we approach the end of 2024, car brands have updated their prices, and the price of the cheapest new car has reached 1 million TL. While price increases have boosted sales of cars and light commercial vehicles, demand for gasoline and electric vehicles, in particular, has risen.
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The price of the cheapest new car has reached 1 million TL. As we approach the end of 2024, automotive brands have updated their prices. In the list presented as the final opportunities, the most affordable prices were seen in gasoline and electric vehicles.
According to the November data released by the Automotive Distributors and Mobility Association (ODMD), sales of cars and light commercial vehicles in the 11-month period of 2024 exceeded the 1 million threshold, reaching 1,068,260 units. In the same period, the total number of car sales alone was recorded as 845,530 units.
According to ODMD data, the car and light commercial vehicle market is trending 43.7 percent above the 10-year November average. In a market where demand for cars is steadily increasing, the cheapest models are drawing attention with their high prices.
The cheapest car offered for sale in Turkey, the Fiat Panda, appears with its 1.0-liter engine. According to information compiled by Türkiye Gazetesi, there is not much demand for the car, which has a price tag of 912 thousand TL, in either the new or second-hand markets.
The second and third places on the list are occupied by the Hyundai i10 (965 thousand) and i20 (979 thousand) models produced in Turkey. However, the Fiat Egea, which has been the best-selling car in Turkey for the last 7 years and has the strongest second-hand market, takes its place as the fourth in the ranking of the cheapest cars. In the “cheapest” list, which includes a total of 10 models, there are 7 different brands and 6 imported models. As for domestic production, the Hyundai i10, i20, Fiat Egea, and Renault Clio draw our attention.
We see that in the past 11-month period, 86.3 percent of sales occurred in the A, B, and C segments, which have low Special Consumption Tax (SCT) rates. Within these classes, the C segment holds a 55.8 percent share, while the B segment holds a 30.1 percent share; by body type, SUVs stand out with 56.6 percent, followed by sedans with 25.5 percent and hatchbacks with a 16.9 percent share.
Since there has been no tax base adjustment for the SCT rates on internal combustion engine cars for more than two years, vehicles in the 45, 50, 60, and 70 percent tax brackets are unfortunately no longer available. The cheapest internal combustion engine cars sold in our country start at an 80 percent SCT rate.
Hüsamettin Yalçın, General Manager of Cardata, the largest data and second-hand pricing company in the automotive sector in our country, expressed in a statement on the subject that they expect a strong close to 2024 in both the new car market and the second-hand car market. Stating, “We have a sales forecast of 160 – 180 thousand units in December; our outlook is positive. It is possible for the total market to rise above the 1 million 200 thousand unit level,” Yalçın pointed out that the effect of deferred demand, new model launches, a partial increase in fleet purchases, and year-end sales campaigns is significant at this point.
Stating that this acceleration in the second-hand car market, which has been on a growth trend since the summer months, will continue until the last month of the year, Hüsamettin Yalçın said, “Especially the increase in new vehicle prices has increased the demand for second-hand vehicles, and with this trend continuing in December, total sales are expected to exceed 7 million units, breaking a new record. Achieving these results in a year when credit taps are closed, inflation is high, and purchasing power is not at the desired level shows how strong the dynamics and adaptation capability of the automotive sector are.
These dynamics reveal that the Turkish automotive sector continues its growth trend in terms of demand and sales despite the challenges it has faced throughout the year and is preparing for new records. We do not expect the new car market to fall below 1 million units and the second-hand market to fall below 7 million units in the coming years,” he said.
According to ODMD data for the 11-month period covering January-November, the TOGG T10X ranked first in the list of best-selling electric cars with 24,361 units, the Tesla Model Y ranked second with 9,227 units, and the KG Mobility Torres ranked third with 4,392 units.
While the BMW iX1 model found its place on the list in fourth place with 3,677 sales, the MINI Countryman managed to enter the top five with 2,918 sales.
The cheapest electric models sold in Turkey are ranked as follows: