The share of used cars bought on credit in Russia has risen markedly, signaling a shifting dynamic in the country’s automotive financing landscape. Market observers note that the practice, once relatively modest, has gained momentum as lenders increasingly extend credit to buyers stepping into the secondary market. A major business daily reported this trend, drawing on a study conducted by Otkrytie Auto. The shift reflects broader changes in consumer demand, credit appetite, and policy signals that influence how people access vehicles well beyond the traditional new-car purchase path.
In 2023, loans for second-hand vehicle purchases accounted for about 15 percent of all finance extended for equipment in this category. The total value of such loans reached roughly 890 billion rubles for the year, up from 361 billion rubles in the previous year. This growth illustrates not only rising consumer interest in affordable mobility options but also enhanced lending capacity and risk assessment in the auto-finance sector. While the share of used-car lending expands, it is complemented by a broader trend toward diversified financing structures, including extended repayment terms and more flexible down payment options, which help broaden access to vehicle ownership. The year-over-year increase underscores how financial institutions are adapting to a market where affordability and liquidity play pivotal roles in shaping purchase decisions.
Industry observers highlight that as the market becomes more saturated with new-car offerings, the share of purchases financed for used vehicles may stabilize or cool slightly. Vyacheslav Yakubchik, head of the development department at Rosbank Auto, notes that the momentum behind used-car credit could tilt as consumer preferences shift toward newer models with updated technology and longer service life. His assessment reflects a nuanced view of demand: while used-car financing remains important for a broad segment of buyers, lenders are keenly watching the interplay between pricing, loan terms, and vehicle depreciation to calibrate risk and pricing strategies. The evolving mix of new and used car financing is likely to influence quarterly lending indicators and the overall composition of auto credit portfolios in the near term.
Rosbank’s data for January indicate that loans for second-hand vehicles that were approved but not yet disbursed accounted for about 23.5 percent of total auto loan issuances during the month. This statistic points to a steady pipeline of approvals that may translate into higher disbursements in coming months, assuming market conditions remain supportive. The figure also hints at evolving underwriting practices in the used-car segment, where lenders increasingly rely on vehicle history, mileage, and remaining warranty considerations to assess risk and determine lending terms. For buyers, this translates into a more predictable financing environment, where credit criteria and contract structures align with the realities of purchasing pre-owned vehicles in a dynamic market.
On the regulatory and policy front, authorities have expanded the scope of simplified registration for parallel import operations. The move aims to streamline the process for bringing in vehicles through alternative channels, potentially widening the catalog available to consumers and influencing price competition in the market. This development may affect the timing and cost of acquiring used cars, particularly for buyers who explore models with lower depreciation curves or those seeking access to models not widely available through traditional channels. Market participants are watching the impact on supply chains, financing terms, and consumer choice as the regulatory environment adapts to a more diversified import landscape.
Earlier reports from major automakers indicated parallel shifts in aftersales and recall activities as part of ongoing market adjustments. For instance, manufacturers have continued to address product concerns through campaigns that may affect resale value and buyer confidence in specific models. In parallel, recall notices and service campaigns can influence the perceived reliability of used cars, which in turn shapes financing risk perceptions and demand for loan products in the used-car segment. The evolving narrative in Russia’s auto market thus interweaves financing trends, policy developments, and manufacturer actions, painting a broader picture of how consumers access mobility through a mix of new and pre-owned options.