A new government program in Russia provides preferential auto loans to large families, aiming to make car ownership more feasible. The information was reported by TASS, citing remarks from the head of the Ministry of Industry and Trade, Denis Manturov. The initiative signals a broader push to support households in purchasing vehicles and to energize the domestic automobile market.
In discussions with Prime Minister Mikhail Mishustin, Manturov noted that the government is prepared to roll out the preferential car-buying scheme for large families, with particular focus on the Far East. The plan centers on favorable loan terms designed to reduce the upfront payment and widen access for families that contend with higher living costs in remote areas.
The base benefit within the preferential loan framework covers part of the vehicle price. The standard discount is 20 percent, while residents of the Far East are eligible for a 25 percent reduction. Eligible buyers can select from models including Lada, UAZ, GAZ, and vehicles produced in the Tula region under the Chinese brand Haval. The purchase limit for these models is set at two million rubles. Additionally, Evolute and Moskvich 3e electric cars are included, offering discounts up to 35 percent but never exceeding 925 thousand rubles in any case. These incentives broaden the range of affordable mobility options for families pursuing practical transportation across the country.
For 2024, the program expands to cover educational staff and healthcare workers, as well as participants in special military operations and their family members. Disabled citizens are also eligible. An extension adds extended families in the Far East to the list of eligible buyers, reflecting a policy emphasis on regional equity and social support for remote communities.
Earlier assessments suggested the Russian electric vehicle sector could experience notable growth in 2024. Market watchers pointed to the potential for higher EV adoption as part of broader government efforts to boost domestic production and lower transportation costs for households across varied regions.