Markets locked on that date: 20 percent discount on cars
Due to the safety requirements that will come into effect on July 7, automotive brands have launched a series of campaigns. An average discount of 20 percent has been applied to new vehicles.
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With the update known as GSR2, which will come into effect in Turkey on July 7—covering all regulations made by the European Union (EU) for vehicles to be safer and for manufacturers to include these safety packages as standard equipment—a race to clear stock has begun among sellers. In this race, sellers who want to liquidate their GSR2-incompatible stock and avoid paying penalties have implemented average discounts of 20 percent through various campaigns.
PENALTIES WILL BE PAID IF STOCKS ARE NOT CLEARED
According to the report in Ekonomim; manufacturers and distributors selling vehicles that do not comply with GSR2 standards face penalties. Companies that want to sell their remaining GSR2-incompatible vehicles after July 7 will pay a penalty of 1 percent of the pre-tax price per vehicle. Companies that were able to stock up to 10 percent of their registered inventory from last year are now looking to clear their monthly stock, which averages around 10 percent.
While many models of car brands imported from the EU comply with GSR2, this issue is emerging in some older models. Brands holding minimum amounts of stock will have to pay penalties if they cannot clear the vehicles in their possession.
It is stated that due to the effect of GSR2, combined with the purchasing power of citizens who want to take advantage of the discount opportunity in addition to normal demand, a market of 100 thousand units could be formed in June despite the holiday.
With the effect of the 40 percent additional SCT to be applied to all Chinese-origin engines, which will come into effect on July 8, new car sales are expected to be active in June, when a sales race is anticipated.
MANDATORY FEATURES
- Intelligent speed assistance
- Lane keeping assistant
- Alcohol interlock installation preparation
- Event data recorder
- Blind spot detection
- Pedestrian-protecting windshield system
- Emergency braking assistant
- Drowsiness detection system
STAGNATION PREVAILS IN THE SECOND-HAND MARKET
The activity in the new vehicle market has not been reflected in the second-hand car markets. Although second-hand car sellers have reduced prices, they are unable to make sales due to the flawed appraisal system and an environment of distrust. The narrow gap between second-hand and new vehicles has also been a factor. High vehicle loan interest rates have also hindered sales.
Car dealers have found a solution by using promissory notes. Offering promissory note options with higher interest rates than banks, dealers are trying to sell vehicles with a certain amount of down payment.