According to the results of analysis by VTB Bank, according to the results of January-August, more than 51% of all new cars in Russia were purchased by people using car loans.
In the new car segment, where the general price level is more actively adjusted, car loan borrowers traditionally carry out the largest number of loan transactions. According to VTB, in August Russians bought about 47% of new cars with borrowed funds; This exceeded the 2022 figures (43.6%) and the 2021 record level (43.4%).
“The recovery of Russians’ demand for automobiles in 2023 immediately affected the dynamics of the credit market, which is the main purchasing tool today. “In addition to postponed transactions and state support, the growth factor was the resumption of domestic production and the expansion of the product range against the backdrop of the arrival of Chinese brands,” said Konstantin Snegirev, deputy head of the VTB Automobile Lending department.
According to him, a significant contribution was made by professional market participants – dealers who took on the role of flagships in the secondary segment and banks that launched new financial instruments for the purchase of used cars.
VTB analysts believe that the auto loan segment can show historic results – about 1.5 trillion rubles in sales. This figure will be more than double last year’s total and one-third higher than in 2021, when maximum demand from vehicle debtors is observed.
According to bank experts, car loan sales in Russia have already reached nearly 1 trillion rubles. This result is 40% higher than the results for the whole of last year and 20% higher than the results for the comparable period of the record year 2021. The main demand among borrowers is for second-hand cars, whose share of loans issued exceeds 78%.