Wave of price hikes in automobiles

Many brands in the automotive sector have increased the prices of new vehicles by 4-10 percent. While automobile prices increased due to the increase in exchange rates in May, it was stated that there were no models left in the lowest bracket in the Special Consumption Tax bases made in January. According to information compiled by Bloomberg HT from the automotive sector, new automobiles were increased by 4 percent to 10 percent. While some brands reflected the increase in their prices last week, some brands increased their prices between May 31 and June 1. With the presidential decree published in January, the Special Consumption Tax tariff applied to passenger cars with an engine cylinder volume not exceeding 1600 cc was restructured by opening new base groups and determining new rates. Thus, the base threshold taken as basis for the 45 percent Special Consumption Tax rate was increased from 92 thousand liras to 120 thousand liras, while two more base groups were opened between the 50 percent and 80 percent Special Consumption Tax rates. Those whose tax base exceeds 150 thousand liras but does not exceed 175 thousand liras were taxed at a rate of 60 percent instead of 80 percent, and those whose tax base exceeds 175 thousand liras but does not exceed 200 thousand liras were taxed at a rate of 70 percent instead of 80 percent. The tax base threshold used as a basis for the 80 percent SCT rate for automobiles was also increased from 150 thousand liras to 200 thousand liras. On the other hand, the SCT base threshold used for the 45 percent SCT rate for vehicles with hybrid engines not exceeding 1800 cc was increased from 114 thousand liras to 130 thousand liras, and the tax base threshold used for the 50 percent SCT rate was increased from 170 thousand liras to 210 thousand liras.