Sales of second-hand cars accounted for nearly 75% final yr, current information reveals
Spending on new automobiles in Russia greater than halved final yr as a result of impression of Western sanctions and to surging costs, Reuters reported on Friday, citing analytical company Autostat.
The newest figures present that Russians spent 1.5 trillion rubles ($20.4 billion) or 52% much less on new automobiles final yr, whereas the variety of new automobiles bought dropped by 58.8% as costs soared sharply, disrupting gross sales.
Automobile manufacturing additionally slumped to its lowest for the reason that early Nineties, the outlet stated, as Western automobile makers halted manufacturing and bought factories.
Russia’s car trade, which is closely reliant on overseas funding and gear, has been hit by an exodus of worldwide producers attributable to Western sanctions. American, European and Japanese automobile producers have both left the nation or suspended deliveries of automobiles and elements, halting their native manufacturing indefinitely.
As spending on new passenger automobiles dropped, gross sales of used ones rose 14%, in accordance with Autostat information. Second-hand autos accounted for nearly 75% of all automobiles bought in 2022.
“Money flowed into the used-cars market as prices for second-hand cars held up, while at the same time the structure of the new-cars market changed significantly,” Autostat CEO Sergey Udalov instructed Reuters.
The common value of latest automobiles bought in 2022 surged by 17% to 2.33 million rubles ($31,289), whereas these of used automobiles climbed by 32% to 890,000 rubles ($11,953), the company is reporting.
Market analysts, nevertheless, predict a quick restoration for the market, anticipating gross sales of latest fashions to climb to round 800,000 this yr, from 687,370 final yr.
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(RT.com)