Vehicle sales across Türkiye rose approximately 30% year-over-year and marked the highest February figure, industry data showed on Monday building momentum observed throughout the end of last year and in January.

Some 105,990 units of passenger cars and light commercial vehicles exchanged hands last month, the Automotive Distributors Association (ODMD) said in a statement, pointing to a 112.6% increase when compared to 10-year average February sales.

Consumers have been opting for cars they see as an investment tool to shield themselves from high inflation, keeping demand for vehicles high. Some 1.23 million vehicles were sold nationwide in 2023, according to the association data.

The rise in sales came despite a sharp rise in the costs of loans for vehicles after months of rising interest rate hikes by the central bank aimed at cooling demand and stemming inflation that ticked up above 67% last month, according to the official data shared earlier on Monday.

Since last June bank lifted its benchmark one-week repo rate by a cumulative 3,650 basis points but has held rates steady at its last meeting in February.

In February, passenger car sales soared by 39.67% to 82,277 units and light commercial vehicle sales rose by 6.6% to 23,713, the data showed.

The automotive market sales meanwhile jumped by 40.6% in the January-February period, reaching 185,691 units.

In a breakthrough, electric vehicle (EV) sales constituted 6.7% of the total sales or 9,772 units in the same period, according to the ODMD data. On the other hand, some 21,584 hybrid cars were sold, making 14.8% of total sales.

When evaluated by body types, SUV cars were the most preferred body type in the first two months with a share of 50.7% or 74,143 units. They were followed by sedans with a share of 29.7% or 43,509 units, and hatchbacks which constituted 17.8% of all sales or 26,051 units.