Not 1, not 2, not even 3 years... How many years does it take for a minimum wage earner to buy a new car?

Rising costs of living and the economic crisis have also destroyed citizens' dreams of owning a home or a car. It has become almost impossible to own a car by working without taking out a loan, especially for those earning minimum wage.

In Turkey, the prices of new vehicles vary depending on the brand, model, engine power, and additional equipment. As of 2024, new vehicle prices generally range between 800,000 TL and 3,000,000 TL. The price of an average new car is around 1,200,000 TL.

As of 2024, the net minimum wage in Turkey has been set at 17,002 TL. This wage is the monthly income for those working on a minimum income, and millions of people across the country make their living with this amount.

Zeynep Kaplan from Sözcü newspaper calculated how many years a minimum wage worker would need to work to buy an average new car by saving their entire salary without making any expenditures.

Given that the price of an average new car is 1,200,000 TL:

1,200,000 TL (average car price) / 17,002 TL (monthly minimum wage) = 70.6 months

This calculation shows that a minimum wage worker would need to work uninterruptedly for approximately 6 years and save their entire salary. 

However, in real life, considering basic living expenses such as rent, food, and bills, it is possible to say that this period would be much longer.

Car prices in Turkey are above the European average due to high tax rates such as the Special Consumption Tax (ÖTV) and Value Added Tax (KDV). Specifically, ÖTV rates vary according to engine displacement and the price of the vehicle. 

For example, while the ÖTV rate is around 80 percent for vehicles with an engine displacement of less than 1.6 liters, this rate can go up to 220 percent for vehicles with larger engine displacements.

News Source: 12punto