As of November 1, 2023, a significant decree is set to take effect in Turkey, targeting individuals who provide inaccurate information when selling used cars. Under this new regulation, those who post advertisements with misleading details could face fines of up to 100 thousand TL (equivalent to almost €3.5 thousand).
So, what exactly constitutes "incorrect information"?
Primarily, it encompasses two key aspects:
- Overpricing: Advertisements that significantly inflate the sale price of a used car, compared to its market value, will be closely scrutinized.
- False "Owner" Claims: Listings that claim to be "from the owner" when, in reality, they are posted by agents or intermediaries will also be subject to investigation.
Notably, the term "owner" extends beyond just the immediate car owner; it can include close relatives such as parents, children, or siblings, provided they possess the appropriate power of attorney to sell the vehicle. In cases where the car is officially entrusted to agents for resale, they are also allowed to post advertisements, but these must include a clear notation indicating their role.
These regulations will not be limited to the used car market alone; they will also apply to those selling real estate.
Interestingly, the responsibility for ensuring the accuracy of information will shift from individuals to the advertising platforms themselves starting from November 1. This shift aims to hold these platforms accountable for verifying the legitimacy of listings, helping to curb deceptive practices in the market.