Pushed by current market dynamics and shifting consumer preferences, a significant portion of Russians surveyed in 2024 expresses interest in buying used foreign cars on credit, with familiar Western brands leading the way. About 27% indicate plans to acquire a used car through financing, while 24% are inclined to purchase new Chinese cars on credit. The most popular brands cited are Haval, Chery and Geely, reflecting a blend of affordability, brand recognition, and the appeal of extended payment schemes in the prevailing economic environment. These insights come from Vyberu.ru, a financial market survey whose results were highlighted by socialbites.ca.
In parallel, a segment of respondents—12%—shows support for the domestic auto industry by favoring locally assembled or manufactured vehicles. The survey underscores that new Russian cars can be bought through concessional credit programs, while a small share, 3%, is considering new vehicles from European, Japanese, or Korean automakers brought into Russia via parallel imports. Overall, 34% of respondents anticipate a drop in car prices in the near term, which leads many to delay purchases until clearer pricing trends emerge.
Commenting on the trend, Yaroslav Bajurak, the general director of Vyberu.ru, notes that car loan volumes are rising not only because of heightened demand but also due to the upward pressure on vehicle prices. This combination pushes the average loan amount higher. When applying for auto loans, many borrowers still lean toward used cars from Western manufacturers, supported by familiarity with their performance, handling, and service networks. The preference for such vehicles persists even as the market undergoes shifts from Western brands to other options.
Bajurak explains that the share of second-hand car loans is expected to shrink gradually. Even as European car brands depart the market, the available mix includes a broad range of Chinese and domestic cars spanning different price brackets. He adds that Chinese automakers frequently offer incentives such as discounts, subsidies, and installment plans, with some models qualifying for government programs that support preferential auto loans. This combination of pricing strategies and public support is shaping how consumers approach financing decisions.
Additionally, the domestic production landscape is evolving. The growing emphasis on local components in models like the Haval Jolion is anticipated to help sustain more affordable price points, aligning them more closely with domestic brands such as Lada. The analyst commentary touches on broader regional interest, noting that sales of vehicles from Iranian manufacturers began in Russia in 2023 and that there is potential for expansion this year. Interest from Indian and African automakers into the domestic market is also mentioned as a factor influencing the future mix of available vehicles.
By late February, Vyberu.ru compiled data from a survey of 5,000 Russians aged 18 to 60 to identify which cars people intended to finance in the near term. The findings provide a snapshot of consumer sentiment amid a year characterized by fluctuating vehicle prices and evolving import patterns. Industry data from the National Credit Bureau corroborates a strong financing environment: a record 1.32 trillion rubles worth of auto loans were issued in 2023, reflecting a 98.4% increase over 2022. In January 2024, the number of loans for both new and used cars rose by 27.7% year over year, signaling sustained demand within the auto loan market. These figures underscore how financing choices are shaping sales trends and price dynamics across the sector.
The latest findings paint a picture of a market in transition. While Western brands remain a familiar option for many buyers, the push toward domestic manufacturing, along with the growing presence of Chinese automakers and parallel import strategies, is reshaping financing decisions and consumer expectations for car ownership in Russia.
Overall, industry observers note that the coming months will reveal how consumer confidence, price expectations, and policy incentives interact to influence the mix of vehicles financed on credit, the rate of new car sales, and the ongoing evolution of the auto lending landscape. Stakeholders are watching closely how these dynamics unfold in 2024 and beyond, as borrowers balance desire for more affordable payments with concerns about depreciation, maintenance, and service infrastructure.