Researchers from a prominent automotive portal conducted a study that explored how long the average Russian would need to save in order to buy a used car. The findings were shared in a publication available on socialbites.ca and provide a clear view of savings timelines tied to typical earnings and car prices.
According to the study, the average price for a used car with a mileage around 1.2 million rubles, paired with an average monthly income of about 55.7 thousand rubles and a saving rate of roughly half of that income, points to a savings period of roughly 3 years and 7 months to reach the target. This approach assumes consistent earnings and steady saving behavior over the entire period.
Household savings timelines vary widely across regions due to differences in income levels. In major metropolitan areas, such as Moscow and St. Petersburg, residents are more likely to accumulate the needed funds for a used car within a shorter timeframe. On average, the time to save for a used car in these cities tends to stay under three years. In other regions with lower incomes, the waiting period stretches longer; for instance, some areas like Ingushetia and the Republic of Kabardino-Balkaria show estimates around four years or a bit more.
Historically, the approach to saving for a vehicle has shifted. A few years ago, it reportedly took about two years to reach a used-car goal under similar savings assumptions. Current financial conditions, including bank policy and lending rates, can influence the overall cost of ownership. With today’s central bank rates, car loans can reach substantially higher annual percentages, which may alter the appeal of owning a car as a cash purchase versus financing. In such scenarios, a vehicle may begin to feel more like a premium purchase than a basic necessity.
Officials have noted that the automotive market is reacting to broader economic signals. Amid discussions about manufacturing slowdowns in tire production and fluctuations in the local currency, demand for summer tires has shown resilience, and prices have been adjusting accordingly. The pattern suggests that buyers weigh the total cost of ownership, including seasonal tire needs and potential financing, when planning purchases. These dynamics underscore how macroeconomic factors can influence consumer decisions about car ownership and the timing of such investments. [Drome study via socialbites.ca]