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Sales of used cars on credit have increased in Russia

Used cars on the Russian market have become twice as likely to be purchased on credit. About it writes “Kommersant” (“Kommersant”).

At the end of 2023, it turned out that the share of car loans issued for the purchase of a car on the secondary market doubled, reaching 15 percent. In total, banks issued almost 890 billion rubles to borrowers for these purposes.

Experts interviewed by the publication suggest that the share of loans for used cars will gradually decline. In particular, this should be facilitated by the saturation of the market with new cars and affordable offers in all price segments of the car market.

In December it was calculatedthat since the beginning of 2023, Russians have acquired car loans worth more than 1.4 trillion rubles. The volume of loans issued in 2023 doubled the figures of last year and exceeded the results of 2021 by 27 percent.

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