Car owners are not in the mood to upgrade their car

09 August 2023

According to a study by Romir, 82% of Russian car owners believe that now is not the best time to buy a new car. This figure has remained consistently high, exceeding 80% since February 2022.

Owners of vehicles older than 10 years are especially skeptical about buying cars; their share is 86%. At the same time, the number of respondents who believe that now is a favorable time to sell personal vehicles has increased (from 31% to 41%) respondents who believe that now is a favorable time to sell personal vehicles.

The number of people expecting new car prices to rise in the next couple of months has also increased. Over the past six months, their share has increased from 65% to 71%. 

In addition, more than half of respondents (60%) believe that car lending conditions will not improve in the near future due to an increase in the key rate. 

At the same time, respondents noted an improvement in the range of new cars. 

*The figure for six months increased from 18% to 28%.While new car sales increase, the market remains under pressure and buyers are hesitant to make expensive investments. This is especially noticeable among respondents who purchased their cars 10 years ago or more at “old” prices. They compare current price tags with previous ones and consider them too high. It is also necessary to note the limited choice in the budget segment (cars costing up to 2 million rubles), in which you can only purchase domestic brands or some models from Chinese manufacturers. The lack of offers in this price segment leads to the fact that buyers are less interested in the new car market, and first of all they consider used ones,” noted Lyudmila Fukova, Romir’s elder director for customer relations.


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