Russians have increased demand for buying cars from bankrupts

The Russians began to actively buy bankrupt cars, the demand for such cars increased by 1.8 times, RBC reports citing a study by analysts from Portal DA. Experts believe that this is due to an increase in prices in the automotive market, as well as a shortage of new cars.

According to experts, in just the first five months, 4,200 cars of owners who were going through bankruptcy proceedings were sold. The total volume of trades in the property of bankrupt individuals increased by 43.4% compared to last year and reached 10,500 sold lots. A special peak occurred in the period in March and April – an increase of up to 30% compared to the beginning of the year. However, the sale of property of bankrupt legal entities in annual terms decreased by 11%.

This trend is also confirmed by representatives of large bankrupt trading floors. From January to May 2022, an increase in the segment of sales of passenger cars of individuals was recorded by 117.8% in annual terms. At the same time, in spring the number of such transactions increased by 11.8% compared to the beginning of the year. According to the Center for Distance Trading, the growth in sales of cars of bankrupt individuals is 152%.

“The category of cars has consistently ranked first in terms of the number of lots since the spring of this year,” the publication quotes a representative of the site.

On July 5, Minister of Industry and Trade Denis Manturov said that the situation with cars on the Russian market would soon stabilize, and prices would gradually decrease during the year. Companies, he believes, will have to adapt to market demand and lower prices, otherwise no one will buy their products.

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