Last minute… The rise in car prices that started with the 2020 pandemic continues unabated, particularly in Turkey. In particular, the chip crisis, the exchange rate-related container crisis and difficult borrowing are the 3 most important price-driving factors. Industry representatives are of the opinion that the demand for the vehicle will not decrease or even increase in the near future. In this context, while the expectation of an SCT reduction turned into a great expectation among both the industry and the citizens, a very important detail became known yesterday. So is there an SCT discount for the car? The answer to the curious question is here…
SINEM ERYILMAZ / MYNET SPECIAL
LAST MINUTE: IS THE SCT DISCOUNT COMING?
CHP leader Kemal Kılıçdaroğlu promised a reduction in SCT towards the end of July and urged those planning to buy a vehicle to “postpone”. As a result, citizens expected a reduction in the SCT for the already high car prices. With the new development that emerged yesterday in the industry, which has been operating with this expectation for 2.5 months, the expectation of an SCT reduction seems to have been shelved. The 2023 budget stated that the SCT will increase by 33.1 percent next year.
AUTHORITY TO CHANGE THE SCT WILL BE TRANSFERRED TO PRESIDENT ERDOĞAN
On the morning of July 26, however, another critical development took place. The decision, published in the Official Gazette, gave President Recep Tayyip Erdoğan the power to increase the floor and ceiling of the SCT and motor vehicle tax bases to three times or reduce them to zero.
SCT INCREASE NOT EXPECTED
In his assessment to Mynet, Savaş Açıkgöz, General Manager of Otomist Automotive, said: “In the Medium Term Plan (OVP) published in the Official Gazette in September, the exchange rate forecast for 2023 was 21.5 lira for the dollar/TL rate. This is where the 25 percent increase in car prices, which develop in parallel with the exchange rate, will come. The expectation is that the SCT increase will be 33 percent. However, given the inflation, I think there is no intention to increase the SCT. There is confusion in the market. Instead of expecting a reduction in SCT, regulation of SCT bases is expected. That expectation hasn’t been fulfilled yet,” he said.
AVAILABILITY FOR THE ORGANIZATION
Savaş Açıkgöz continued with his words: “While the industry thought that this would be the case in the near future, the issue was expanded by the government,” Savaş Açıkgöz continued: “The reason for the extension, in my opinion, is availability of cars in dealerships is strictly monitored. I think the government is observing that stocks are not reaching desired levels and availability is not as reported by industry officials. While availability has increased on certain models from certain brands, there is an overall problem. Therefore, one might think, “There is no reality in the market that requires me to regulate.” When the availability of cars at dealerships increases and inventories start to rise, the step of regulation will be taken,” he said .
DISCUSSION ON SCT BASE: HOW MUCH HAVE PRICES FALLEN?
Almost all cars went into the tax base of 80 percent. However, Açıkgöz explained that the tax base will not be reflected in vehicle prices, saying:
“The market’s expectations of SCT bases are somewhat exaggerated. Because even if all cars fall from 80 percent to 70 percent, this affects prices between 5 percent and 7 percent. Already in the last two months of the recession in the market, prices have returned to this level. However, the market did not move. Therefore, the market is not exclusively focused on bases. Even if the basic rule comes, there will be limited models.”
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