Used car prices in Japan continued to fall in August due to the tightening of rules on car exports to the Russian Federation. The average auction price was 1 million yen, down 6.9% year on year. This has been reported TASS With reference to the data of the Japanese company USS.
This is the second month in a row that prices have fallen after rising during the pandemic. Experts attribute this trend to the entry into force on August 9 of the ban on the delivery of cars and hybrid cars with engines of more than 1.9 liters to Russia.
Previously, the Russian Federation was the largest foreign market for used Japanese cars, accounting for 20% of all deliveries. It is estimated that the new restrictions could affect half of the volumes.
Due to the ban, surplus cars will be redistributed to the domestic market, creating additional supply and putting pressure on prices. In 2022, the supply of new cars from Japan to the Russian Federation fell to almost zero.
At the end of August it became clear how price increased Japanese cars in Russia after the implementation of new sanctions.
It was previously reported to be in Russia in July 2023. issuance 41,100 vehicles, which is 2.1 times more than in the same month of last year.