Turkey motor vehicle registrations edge up in September

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The number of motor vehicles newly registered in Turkey rose by 1.8 percent in September compared with August, the Turkish Statistical Institute said.

Motor vehicles entering traffic totalled 105,732 versus 103,872 the previous month, the institute said on its website on Tuesday. The monthly total had peaked in July, when 138,883 were registered.

Registrations more than doubled from September 2019, when 52,456 vehicles entered traffic.

Turkish car sales slumped in 2019 following a currency crisis that led to a sharp economic contraction. Turkey’s central bank has slashed interest rates over the past year and kept them at below the rate of inflation, allowing the government to engineer a borrowing boom via cheap loans from state-run banks and other measures.

Turkey increased a special consumption tax on mid-range and high-end cars at the end of August. But it also raised the lower thresholds at which new duties are imposed, resulting in more vehicles being taxed at unchanged lower rates.

Ahval

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