The success of SUVs in luxury cars over the review period was such that most luxury car makers rushed into this space to attract new consumers. Luxury SUVs provide a greater sense of safety, extra boot space and a high driving position, giving the driver a better view of the road.
Consumers who are ready to pay for a luxury car often seek legendary models, famous for their appearance in films such as the James Bond movies and the personality of their drivers. Manufacturers often respond to this demand by relaunching vintage models in limited editions, such as the Ferrari Dino in 2015 or the Aston Martin DB4 GT in 2017.
Turkey has just 200 cars per 1,000 people, compared to between 500 and 600 in Western Europe, while a high car age could also act as a purchase trigger in a country where GDP grew by 7.4% in 2017, substantially higher than in Western Europe.
Mercedes-Benz does not use a distributor like Audi and BMW in Turkey, instead running its own operations. Mercedes-Benz also publishes a price list in Turkish lira, unlike its rivals.
New retail concepts have been developed to broaden distribution and target a wider customer base, for example digital showrooms. Audi City Istanbul, where visitors can obtain all information related to Audi and can see virtual versions of all Audi models in their exact size, was opened at Istinyepark.
Turkish banks started to also offer finance for second-hand cars over the last 10 years, with this adversely affecting the luxury car segment. Additionally, in Turkey, the price of a 3-year-old luxury car is almost 35% lower than its original cost.
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This report originates from Passport, our Luxury Cars research and analysis database.
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