
Installment Vehicle Sales in Turkey: Regulations for 2023
As of 2023 Installment in vehicle sales in Turkey applications, Ministry of Commerce has changed significantly with the new regulations determined by. These regulations include important elements that directly affect the vehicle ownership processes of consumers. In particular, considering the increase in vehicle prices and high inflation conditions, the limits of the installment options have also been carefully determined.
Installment Intervals
Within the framework of the new regulations, the installment intervals are to final invoice value The installment limits listed below play an important role in the financial planning of vehicle buyers:
- Vehicles worth 400 thousand TL and below: Maximum 48 monthly installments.
- Vehicles between 400 thousand TL – 800 thousand TL: Maximum 36 monthly installments.
- Vehicles between 800 thousand TL – 1,2 million TL: Maximum 24 monthly installments.
- Vehicles between 1,2 million TL and 2 million TL: Maximum 12 monthly installments.
- Vehicles over 2 million TL: Installment payment is not possible.
Impact of High Inflation
High inflation in Turkey, seriously affects installment vehicle sales. In particular, the number of vehicles with 24-month and 12-month installments is decreasing day by day, making the vehicle purchase process difficult for consumers. It is understood that the limits of installment sales have not increased, which creates an additional burden on the financial situations of buyers.
High inflation increases vehicle prices and therefore installment options remain limited. In this context, the most important thing that consumers should pay attention to when purchasing a vehicle is financial planning In particular, the decrease in long-term installment options is another factor affecting buyers' budgets.
Financial Planning and Installment
What to do when buying a vehicle financial planning, is of critical importance in terms of minimizing the problems that consumers may encounter in the long term. While installment options help buyers realize their dreams of owning a vehicle, they also bring with them debt obligations.
Consumers should act by considering the prices of the vehicles they are considering purchasing, the current installment terms and their own budgets. For example, a consumer who wants to purchase a vehicle under 400 thousand TL can benefit from the installment option of up to 48 months, while there is no installment option for a vehicle over 2 million TL.
Factors That Buyers Should Pay Attention to
Some important factors to consider when purchasing a vehicle on installments are:
- Budget Planning: When purchasing a vehicle, monthly payment capacity and total debt amount should be taken into consideration.
- Interest Rates: Interest rates applied to installment sales affect the total cost.
- Vehicle Value: In the long term, vehicle depreciation and after-sales value analysis should be performed.
- Alternative Options: Purchasing a second-hand vehicle or different financing methods should be considered.
As a result
The new installment payment regulations that will come into effect in Turkey as of 2023 have a significant impact on buyers' financial planning. High inflation conditions and changing vehicle prices make it difficult to purchase a vehicle on installments and require careful budget management during this process. It is of great importance for consumers to take more conscious and careful steps in vehicle purchases for a healthier financial future.