Second-hand car prices climbed sharply since late 2022, with a cumulative rise around 39%. Yet industry observers interviewed by News Report have signaled that demand may stabilize by the close of 2023, suggesting a cooling period could be on the horizon.
In the third quarter alone, sales of used vehicles rose by about 14.2%. The typical price for a car in this segment reached roughly 640,000 rubles. Notably, the steepest price gains—nearing 80%—were seen in models priced between 1.5 and 3 million rubles, as well as in vehicles costing more than three million rubles.
Igor Morzharetto, a partner at the analytics firm Avtostat, notes that used-car values tend to track the rise in new-car prices. He explains that, historically, the secondary market often follows a few months after new-car prices climb, which aligns with the current observations.
Earlier estimates indicated that Russians spent about 344 billion rubles on new-car purchases in August this year, a figure that is roughly three-and-a-half times higher than in the same period in 2022. This surge in demand for new vehicles has had a ripple effect on the market for used cars, as buyers look for alternatives to new models.
Additionally, it has become evident which vehicle segments were temporarily halted from delivery to Russia after August 1. This disruption contributed to shifts in supply and pricing across both new and used-car channels, underscoring how regulatory and logistical developments can influence consumer choices and market dynamics.