In the first half of 2024, Russian consumers allocated roughly 6.93 billion rubles to purchasing both new and used cars. This figure comes from Prime and is attributed to Alexey Podshchekoldin, who serves as president of the Russian Automobile Dealers association, commonly known as ROAD. The data indicate a market that remained active despite broader financial headwinds, with a notable tilt toward second-hand vehicles during the period in question.
Breakdown details reveal that Russians directed about 37 percent of the total toward new cars, equating to approximately 2.59 billion rubles. The remainder filled the used car segment. Historical context helps illuminate these trends: in 2023, the overall market size reached about 12.64 trillion rubles, yet new car sales comprised only 27 percent of that total, or around 3.37 billion rubles. The figures underscore a broader consumer preference pattern amid evolving economic conditions and price movements across the automotive sector.
Analysts note that consumer purchasing power in Russia has faced pressure, a dynamic coupled with rising vehicle prices. These factors together shape a cautious stance among buyers, influencing both the choice between new and used vehicles and the willingness to commit to larger, financed purchases. Market observers emphasize that price trajectories for cars have continued to climb, even as household budgets tighten, reflecting a complex interaction between demand, supply constraints, and currency exposure in the automotive marketplace.
The industry has previously seen shifts driven by regulatory actions. In recent cycles, tighter lending standards implemented by the Central Bank have the potential to raise the cost of car loans and reduce their accessibility for a segment of potential buyers. The resulting dampening effect on financing can dampen overall demand, particularly for pricier models or premium configurations that buyers may finance over longer terms. Such policy moves are widely discussed as a factor that can slow growth in new car purchases while still leaving room for demand in the used-car market where financing options might differ.
Looking back to the period since 2022, the market narrative around car prices has been characterized by steady increases and evolving consumer choices. The combination of higher sticker prices, shifting lending rules, and fluctuations in purchasing power has shaped a dynamic pricing environment. Stakeholders across dealerships, manufacturers, and financial institutions continue to monitor how these forces interact, as they determine the pace of adoption for new technologies, safety features, and energy efficiency options that buyers weigh when deciding on a purchase. In this context, the first half of 2024 offers insights into the ongoing resilience of the Russian automotive sector even as structural adjustments influence lending and price levels.