The preferential auto loan program was introduced in Russia on July 14. The Ministry of Industry and Trade of the Russian Federation announced a temporary restriction on its term following a meeting of AVTOVAZ’s board of directors. The agency TASS quoted the official message. The plan aims to stimulate new car purchases by offering a government-backed subsidy that reduces the upfront cost for buyers.
The program is slated to run through December 1, 2022, with the possibility of extensions beyond that date if additional funds are allocated in the 2023 federal budget. The press service noted that extensions would depend on appropriations, ensuring continuity only if future funding becomes available.
Key elements of the initiative include a price subsidy funded from the federal budget, allowing buyers to acquire models manufactured in 2022 at discounts up to 2 million rubles. Participating brands cover a broad spectrum, including all models from UAZ, Lada, GAZ, and electric vehicles under the Evolute brand. The subsidy equals 20% of the car’s price, with a higher rate of 25% available for residents of the Far Eastern Federal District to offset the costs of delivering vehicles from the European portion of Russia.
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