Skip to main content

In May, Russians entered into 493 thousand loan agreements for the purchase of a car, which is almost twice as much as a year ago, Autostat calculated. By April, the number had also increased—by eight percent. Demand for loans is growing, despite the fall in direct sales and high rates. Because of them, Russians often take out loans for seven or eight years, essentially paying double the price for the car.

In monetary terms, car loans issued in Russia in May increased by 10 percent. In the first four months of the year, banks issued 706.7 billion rubles to borrowers for the purchase of cars – plus 120.9 percent compared to the same period last year.

At the same time, direct sales are falling. The best indicator in the last couple of years was March 2024, when Russians bought 146.5 thousand new cars. In April, demand decreased by about 10 thousand, in May – by another 10 thousand, to 127.2 thousand.

Sales of the sports Voyah Free have begun in Russia: how much does it cost Used “Chinese” cars have become cheaper in Russia It has become known when Lada cars will become more expensive

Loans continue to gain popularity, and Russians are not deterred by high rates, reaching 20 percent or more.

In May, the growth in popularity of “car mortgages,” as the vice-president of the National Automobile Union Anton Shaparin called such a loan, was facilitated by the expectation of a further increase in the Central Bank rate. So far it has remained at the same level, but it is possible that it will be raised in July. In addition, from July 1, the Central Bank will tighten insurance requirements for borrowers and for the first time established risk coefficients for car loans.

Affordable crossovers that would be useful in Russia

Leave a Reply