Sales of super luxury cars soared

Rising fuel and automobile prices caused record sales of motorcycles; Motorcycle sales in the first 7 months of the year exceeded those made in all of last year.

Notable changes are occurring in vehicle sales as a result of the deterioration of the distribution of wealth, the collapse of the middle class as the rich get richer, credit problems and the shift of purchasing power towards the upper segment.

Considering the automobile as an investment vehicle has allowed record sales levels to be reached, but there has also been a significant increase in sales of luxury cars, whose prices reach 40 million lire.

According to data from the Automotive Distributors Association (ODMB), total car sales Annually in October 2023 74 percent increasing to 82 thousand 611 units; in the same period sale of super luxury vehicles 104 percent increased to 569 units.

In the first 10 months of the year, sales of luxury vehicles increased 51 percent compared to the same period of the previous year, while sales of super luxury vehicles increased 108.4 percent and reached 4,536 units .

While the share of luxury cars in total sales decreased from 4.2 percent to 2.5 percent; The share of supercars increased from 0.6 percent in October 2022 to 0.7 percent in October 2023.

23 THOUSAND LUXURY VEHICLES ARE SOLD IN 10 MONTHS

Thus, of the total of 749,501 cars sold in the first 10 months of the year, approximately 23,000 were luxury vehicles, while 4,536 were super luxury vehicles.

When looking at which vehicles were sold and for how much, the following details stand out:

In October, 1 Aston Martin, 1 Lamborghini, 4 Ferrari, 13 Jaguar, 43 Maserati, 68 Porsche, 1,595 BMW and 3,000 Mercedes-Benz were sold.

In October 2023, compared to the same month last year, Maserati sales increased by 30.3 percent, Mercedes by 40 percent, Porsche by 58 percent and Ferrari by 100 percent. .

Source: ODMB

PRICES RISE TO 40 MILLION TL

The sales price of these vehicles varies depending on the brand and model, from 1 million lira to 40 million lira.

According to information we received from an industry representative, the average price increase for luxury vehicles has been 44 percent since January 2023. In the year between October 2022 and 2023, there is a 54 percent increase. percent on average prices.

However, these are price increases calculated based on the campaign prices applied by companies in recent months. An official says that 10 points can be added to these price increase rates if you look at prices without campaigns.

MORE CITIZENS ARE TURNING TO MOTORCYCLES

While this was the case for luxury vehicle sales, motorcycle sales broke a record after gasoline prices reached 40 lira and even the price of used vehicles, which are very old and considered “scrap.” “, exceeded 200 thousand liras.

According to data from the Motorcycle Industry Association (MOTED), motorcycle sales increased by 199.8 percent in July 2023 compared to the same month last year. Sales recorded in the first 7 months of the year reached 528 thousand units, exceeding the sales of 415 thousand units made throughout last year.

Thus, motorcycle sales broke a record by exceeding 500 thousand units for the first time.

‘PURCHASES FROM COMPANIES ARE EFFECTIVE FOR TAX DEDUCTION’

So how can there be a boom in luxury vehicle sales when the state of the country’s economy is evident and the purchasing power of citizens is decreasing day by day?

According to automobile industry representatives who informed Sozcu.com.tr, the first and most important reason for this increase is tax concerns.

The CEO of a global automobile company in Turkey explained this situation as follows: “It is the end of the year and those who want to deduct taxes are buying luxury vehicles for their companies. Because the taxation of luxury electric vehicles is lower,” he explained.

‘THE PURCHASING POWER IS IN YOUR HANDS’

“The second important reason is that purchasing power is now left in the hands of the people who buy these cars,” the source said, adding: “There is no loan that facilitates or encourages the purchase of a vehicle. Loan interest rates are also high. Therefore, only those who can buy the vehicle with cash make purchases. “This is a situation that increases sales in the luxury segment,” she said.

‘CONCERN CONTINUES ABOUT THE INCREASE IN THE NEW YEAR’

According to information provided by a senior official of a well-known national automotive company that operates in the sale and after-sales services of luxury vehicles, another reason for the increase in sales of vehicles in the luxury segment is the expectation of an increase in the rate exchange. and therefore in car prices starting in the new year.

Noting that dealers expect a decline in sales volumes from next year, the official said: “Those who have the opportunity to buy continue to act with the thought of ‘prices will increase again from the beginning of the year, let me buy now while I can.” “With the impact of this, sales are expected to remain high in November and December, but from the new year there will be radical drops,” he said.

WHAT IS THE DIFFERENCE BETWEEN LUXURY AND SUPER LUXURY?

On the other hand, we point out that in the first 10 months of the year, sales of luxury vehicles increased by 51 percent compared to the same period of the previous year, while sales of super luxury vehicles increased by 108.4 percent.

So what is the difference between luxury vehicles and super luxury vehicles?

Vehicles in the E segment and so-called ‘high class’ are defined as luxury vehicles with lengths greater than 5 meters. The displacement of their engines usually starts at 2.0 cc. In terms of tonnage, they are made from heavy, quality materials. Audi, BMW and Volvo are three of the vehicles included in this segment.

F-segment vehicles, known as the “luxury car class”, are notable for their large interior volume, high engine power, use of quality materials and superior workmanship and equipment. This segment includes Porsche, Maserati, Jaguar and Rolls-Royce.

Two doors and two front seats; Sports vehicles with high power and superior maneuvering and handling capabilities are known as the S segment. Some of the vehicles included in this segment stand out such as Aston Martin, Ferrari, Lamborghini and Porsche.