In a recent Romir survey, a large share of Russian car owners say the current moment is not favorable for buying a new vehicle. Specifically, 82% of respondents described the state of the market as not conducive to a fresh purchase. This sentiment has persisted at a high level since February 2022, underscoring a long-standing caution among buyers. The study also highlights that 86% of drivers who own cars that are more than a decade old feel doubtful about stepping into a brand-new model, with many weighing the price gap against what they would have paid in earlier years. Meanwhile, the portion of respondents who think there is no ideal window for passenger-car sales has eased slightly—from 64% in February 2022 to 59% today—yet the overall mood remains cautious. [Romir study]
Pricing expectations are part of the same picture. The share of people who anticipate rising prices for new cars in the near term climbed to 71%, up from 65% in February. At the same time, 60% of those surveyed believe that car loan conditions will not improve soon, a stance tied to the ongoing rise in interest rates and tighter credit access. This combination of anticipated price growth and tighter financing fuels a wait-and-see approach among potential buyers. [Romir study]
According to Ludmila Fukova, Romir’s senior director of customer service, the discrepancy between today’s price tags and what buyers remember from years past is driving behavior. Those who purchased vehicles more than 10 years ago tend to compare current sticker prices with the older, lower figures and conclude that today’s options look disproportionately expensive. In the sub-2-million-ruble segment, shoppers increasingly find domestic brands and a handful of Chinese models to be the only viable choices. The scarcity of new offers in this price bracket has heightened interest in the used-car market as an alternative, reflecting a broader shift in consumer priorities and the value proposition of staying with a familiar, older car for longer. [Romir study]
The market context also includes ongoing speculation about new manufacturing moves. There has been talk about bringing certain Chinese crossover models, such as variants related to the Talagon nameplate, into assembly lines in Kaluga. Such developments, if realized, could alter the supply landscape and influence pricing dynamics across different vehicle segments. [Romir study]