In a recent analysis, researchers model a saving pattern where half of the monthly salary is set aside for a car purchase. Savings sit in the bank, earning 7.5% annually, with interest increasing each month. The study, reported by RIA Novosti experts, uses the typical price tag for a new car in the Russian Federation, estimated at about 2.3 million rubles. By mapping average yearly take-home pay and excluding income tax, the authors compute how many years it takes a person to accumulate enough money to buy a new car.
Top 10 regions by the pace of saving for a new car (years to save)
- Chukotka – 3.7
- YaNAO – 3.9
- Magadan Region – 4.3
- NAO – 4.4
- Kamchatka – 4.6
- Moscow – 4.7
- KhMAO – 4.8
- Sakhalin Region – 5.0
- Yakutia – 5.2
- Murmansk Region – 5.7
Residents of St. Petersburg would need about 5.8 years to save for a new car. Across many regions of the Russian Federation, the period ranges from six to ten years. Notably, the last two spots go to Kabardino-Balkaria and Ingushetia, where the saving horizon reaches 11.3 years for a car purchase.
On average, the saving period for a new car in Russia comes in around eight years. The study also estimates how long it would take the average Russian to accumulate enough for a used car, placing that figure at about 4.5 years.
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- Content from the program can be viewed on RuTube in the segment “Behind the Wheel.”
Note: the figures reflect the scenario described by the researchers and are intended to illustrate regional differences in savings behavior and time to purchase. They are not financial advice and should be interpreted as a snapshot of saving patterns under the specified assumptions.
End of report summarizing the regional spreads in savings for a vehicle and the implied timeframes for reaching ownership under the described conditions.