VTB Bank’s analysis indicates that between January and August, more than half of all newly purchased cars in Russia were financed through loans. This national trend highlights how borrowing remains a central driver in the auto market, especially as pricing adjusts in the new car segment. In August, around 47% of new cars were bought with borrowed funds, a figure that surpasses both the 2022 level of 43.6% and the 2021 record of 43.4%.
The revival in demand for automobiles in 2023 directly influenced the credit market, which has become the main tool for purchases. In addition to postponed transactions and government support, a more robust domestic production base and a broader product lineup—backed by the arrival of Chinese brands—contributed to this momentum, according to Konstantin Snegirev, deputy head of VTB’s Automobile Lending department. He notes that the rebound was aided by the efforts of professional market participants, with dealers stepping up as leaders in the secondary segment and banks introducing new financing options for used cars.
VTB’s analysts anticipate that the auto loan segment could produce historic results, with projected sales around 1.5 trillion rubles. That would represent more than a doubling of last year’s total and a roughly one-third rise compared to 2021, a year noted for peak demand among vehicle borrowers. The bank’s experts also point to strong momentum in the used-car market, where loans account for a substantial majority of purchases—nearly 78% of loans go toward second-hand vehicles—indicating sustained demand across segments. This growth underscores how consumer credit continues to shape car ownership in Russia, even as the broader economy and exchange rates fluctuate. [Source: VTB Bank]