Turkish car market goes into reverse as reforms start to bite

Source:Turkish auto market Date:06Jan2024

Another sign that Simsek – Erkan duo are stealthily and gradually deflating asset bubbles in the economy

Nezih Allıoğlu is deploying a strategy to sell cars at his Peugeot showroom in Ankara that would have been extraordinary only a few months ago: big discounts. Allıoğlu, chair of Göral Otomotiv, said his dealership off a motorway in the Turkish capital was doling out discounts of 10 to 15 per cent on new cars — the biggest incentives his group has offered in five years and the first price cuts since 2020.   The second-hand car market has taken an even bigger hit, with used vehicle marketplace Otomerkezi.net seeing prices cut by up to 20 per cent in the three months to the end of November.