In some banks, vehicle loan interest rates have reached 30% per year. reports The National News Service, citing the editor-in-chief of the magazine “Behind the Wheel” Maxim Kadakov. According to the expert, in the near future there will be an increase in demand for cars in the automobile market.
“It is clear that with the increase in the key rate, the sale of cars on credit should decrease, because some banks already offer loans at 27 percent, and under some conditions at 30 percent. Everything depends on the specific borrower and the specific bank. Remember that everyone lives with the expectation of a price increase in the future due to the increase in recycling collection. People will try to buy cars in these months,” Kadakov said.
Last Friday, the Central Bank raised It raised the basic interest rate from 16 percent to 18 percent annually, while also raising its 2024 inflation forecast from 4.3-4.8 percent to 6.5-7 percent. Expectations for GDP growth this year were also revised upwards from 2.5-3.5 percent to 3.5-4 percent.
July 16 reportedIn Russia, the recycling fee for cars is planned to be increased by 70-85% as of October 1, 2024. In addition, by 2030, the amount of the recycling fee is planned to be increased by 3.9 times the current amount, increasing the calculation coefficient to 58.62.
According to dealers and experts interviewed by socialbites.ca, after the growth that has occurred, the Russian car market is expected to decline in 2024. According to them, demand is now held back only by negative expectations: people buy cars because they are afraid that their price will increase after the increase in recycling fees and the increase in the Central Bank interest rate. About how dramatic the decline in the market will be ours material.
Formerly an economist in the name Russians are urgently buying cars.