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Car sales have nearly doubled. Is it worth rushing to buy a new car?

Date: April 24, 2024 Time: 09:53:14

According to the June results, LADA Granta remains the best-selling model in Russia. Photo: Sergey Petrov / NEWS.ru / TASS

In June, more than 52,000 new cars were sold in Russia. These are the latest data from the Association of European Businesses. And although there are almost no manufacturers from Europe left in Russia, and they do not officially sell their cars here, sales statistics will still be calculated. Apparently, from old memory.

Interestingly, new car sales almost doubled in one year. This is if you compare June with June. For May of this year, although there is growth, it is not very large, around 2%. At the same time, if we take Russian statistics, the volume of sales is even higher – 82.4 thousand cars per month. The Autostat data takes into account not only sales from official distributors, but also parallel imports. And here the growth is more significant. The volume of sales for June turned out to be 14% higher than that of May, and up to two and a half times higher than the result of last June.

According to the June results, LADA Granta remains the best-selling model in Russia. Almost 16 thousand buyers chose it. The Chinese Haval Jolion has become the leader among compact crossovers. Its sales amounted to just under 5 thousand cars. And this is almost 6 times more than in June last year. But, for example, once one of the leaders of the Russian market, the Korean Kia, plunged in sales by 84%. In general, the market was almost completely divided between AvtoVAZ and several Chinese brands at once.

There are several reasons for the increase in sales. First of all, the seasonal factor. In late spring and early summer, shopper activity picks up. Traveling by car during the warmer months is more comfortable. In addition, tourism is now domestic for the majority of the population. Train and plane tickets are expensive. Second, the accumulated demand. In the last year and a half, Russians have been saving and not making big purchases. Adhered to the behavior of saving. And now some go to the car market to exchange the old car for a new one. And thirdly, the weakening of the ruble worked. It started at the end of April. Some potential buyers decided to rush the deal before prices went up. And by the way, they did not fail.

Car dealers already predict that by the end of the year the cost of new foreign cars may increase by 10-20%. Despite this, one million passenger cars and light commercial vehicles will be sold in Russia by the end of the year. This is almost 1.5 times more than in 2022. But about 40% less than what was sold in 2021.

BY THE WAY

used car loans

Another indicator that car prices are exceeding all imaginable limits is the activity of buyers in the credit market. In the first half of the year, auto loans in Russia reached a record 600 billion rubles. In June it was a historic figure: the Russians received about 125 billion rubles from the banks for the purchase of vehicles. In addition, 64% of auto loans fall on the purchase of a used car, and in the portfolios of some banks this participation reaches 80%. For comparison, 10 years ago, the used car loan ratio barely reached 10%.

GRAPHIC ARTS

Top 10 best-selling brands in Russia

Top 10 best-selling brands in Russia

According to Autostat for January-June 2023. Only sales from official dealers are taken into account, without parallel import deliveries.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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