Consumers cash out gold, cryptocurrencies to buy cars

ISTANBUL

Türkiye’s automotive market broke another record in November, with sales surging as consumers shifted away from gold and cryptocurrencies and took advantage of easing credit conditions.

According to data from the Automotive Distributors and Mobility Association (ODMD), total sales of passenger cars and light commercial vehicles reached 132,984 units in November, up 9.82 percent compared to the same month in 2024. Passenger car sales rose 10.78 percent to 104,795 units, while light commercial vehicle sales increased 6.38 percent to 28,189 units.

Industry observers noted that beyond company promotions, a wave of investors liquidating gold holdings and exiting crypto markets contributed to the surge. “Those who sold gold after sudden price swings, and those leaving crypto due to declines, turned to automobiles,” sector representatives said.

Lower interest rates also provided some relief in financing, further fueling demand.

From January to November, total sales climbed 10.16 percent year-on-year to 1.18 million vehicles. With December traditionally the strongest month for auto sales, analysts expect between 200,000 and 250,000 units to be sold, pushing full-year sales to around a record 1.4 million units.