The volume of car loans in Russia in the first seven months of this year amounted to 633 billion rubles, which is 60% more than in the same period in 2020, according to a study by VTB analysts.
“We associate an increase in the volume of the car loan market by more than 60% both with the low base effect caused by the pandemic and the period of self-isolation last spring, and with high demand in the first half of this year due to changes in car prices,” said the head of the organization car loan sales – VTB Vice President Vladimir Vysotsky.
According to him, in the current conditions of growth in the cost of cars, there is a tendency to shift customer demand for used cars. Thus, in January-July, VTB’s clients issued almost 14,000 loans for the purchase of used vehicles. Their total volume amounted to 10.7 billion rubles, which is 70% more than in the same period last year.
For the purchase of new cars, 37,000 loans were issued for more than 43 billion rubles. This is 38% more than in the first seven months of 2020.
According to the bank, most often customers take out a loan to buy Lada cars: they account for 27% of total sales. The next most popular are Hyundai (11%) and Kia (10%). The size of the average check for the purchase of a car for seven months amounted to 1.06 million rubles, having increased by one third in annual terms.
According to VTB forecasts, in July the Russian car loan market will grow by 15% yoy. VTB Capital analyst Vladimir Bespalov noted that in the coming months the growth rate of car lending will slow down due to high demand for cars with a shortage of supply of new vehicles associated primarily with a shortage of microchips and components. However, by the end of the year, an increase in the supply of cars is expected, which will lead to a market growth of about 5% by the end of the whole 2021.
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