“Despite the rise in prices for new cars, consumer demand is still high and by the end of the year the total volume of car loan sales by Russian banks may exceed 1 trillion rubles,” the credit institution expects.
In January-October of this year, banks issued auto loans to citizens in the amount of 924 billion rubles. This is 1.5 times more than in the same period in 2020. However, VTB’s forecast for overcoming the threshold of 1 trillion rubles. by the end of 2021, it will be realized if in November and December the market decline does not accelerate in comparison with October, said Vladimir Bespalov, an analyst at VTB Capital.
According to the Association of European Businesses, in the second month of autumn, the market for passenger cars and light commercial vehicles decreased by 18% compared to the same month of 2020.However, in September, the annual decline was 23%, that is, in the last study period there was a slowdown. fall, indicated in VTB.
The main reason for the negative annual dynamics is “insufficient supply against the background of the global shortage of microelectronics with the continuing demand for new cars,” Bespalov explained. However, thanks to the good dynamics of the first half of the year in January-October, the Russian car market grew by more than 10%, so an increase in 2021 may be at the level of 5%, the analyst said.
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