Higher compensation for old vehicles unable to stop automotive sales drop in turkey

摘要

Turkey decided to support the local automotive market, increasing compensation for old vehicles to spur the sales of new cars. However, it is unlikely to prevent further auto market slowdown as weak buyer confdence continues to weigh on carmakers amid numerous economic challenges.The local government amended the law on the scrapping of vehicles older than 16 years, hiking the compensation from TRY 10,000 ($1,715; $1 = TRY 5.83) to TRY 15,000 ($2,573), according to the offcial information published in Resmi Gazete. The decision referred to all types of vehicles: cars, vans, minibuses, buses, trucks etc., Metal Expert learnt. “The government increased support ratio to spur the buying of new cars, while old ones will go to scrap,” a market insider said.