Car loans were supported by mileage – Newspaper Kommersant No. 5 (7450) dated 01/13/2023
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A slight increase in the car loan market in December 2022 compared to November was due to the issuance of loans for used cars. Their price is still lower than for new cars, although the difference is steadily shrinking. However, this is a riskier segment for banks, which is included in the loan rate and insurance premium. In the new year, market participants expect an increase in the share of loans for used cars, while at the same time increasing the average check.
In December 2022, there was no traditional seasonal growth in the car loan market. According to Frank RG, 58.1 thousand loans were issued for 72.1 billion rubles. Compared to November, the growth was 1.7% in quantitative terms and 7.5% in monetary terms. Compared to December 2021, the segment showed a decrease of 30% in units and in money, said Frank RG.
A small increase compared to the previous month before the new year was provided by loans issued for used cars, according to Avtostat data. Thus, in December 2022, the number of car loans for such cars was 11% higher than in December 2021. At the same time, the volume of disbursements in money increased by 28%. In the previous month, growth was 9% and 19% respectively.
The number of loans issued for new cars in December 2022 was lower than the previous year by 58%, and the volume – by 53%. In the previous month, the difference was smaller – 43% and 48%, respectively.
Estimates of the dynamics are also confirmed by banks. “In December 2022, we provided individuals with about 5 billion rubles. for the purchase of vehicles. Customers were most interested in used cars – 60% of transactions went through them, ”says Vladimir Vysotsky, head of the car loan sales department at VTB. In 2022, auto loans for used cars accounted for 63% of the total volume of loans, and in June their share reached 80%, adds Marina Dembitskaya, head of Otkritie Avto.
This is partly due to the growth in the size of the loan against the backdrop of the termination of the state program of concessional lending. “The average check for new cars in December amounted to 1.5 million rubles, about 14% higher than for used cars, which was caused by the termination of the state program. In November, the average loan size for new cars was 27% lower than for used ones,” notes Mr. Vysotsky. Because of this difference, every third car loan was issued with state support, and the share of loan disbursements for new cars increased from 33% in August to 55% in November, Ms. Dembitskaya confirms. “In December, the market began to return to the previous format of issuance: the ratio of loans issued for used and new cars was 73% to 27%,” she notes.
At the same time, the rate in the segment of loans for the purchase of used cars, as a rule, is higher than for loans for new cars. And if earlier the difference was 2-3 percentage points (p.p.), then at the end of the year it could reach 10 p.p., says Frank RG project manager Stanislav Sukhov.
For the most part, the difference in rates neutralizes the risks of issuing a more risky loan for the bank, says Yegor Lopatin, deputy director of the financial institutions rating group of the NKR agency. “The car is the subject of the bank’s pledge, and it is obvious that the used car looks like a less liquid asset,” explains Alexander Vasilyev, senior manager of the automotive industry servicing group at Business Solutions and Technologies.
More expensive and insurance for a car with mileage. “The cost of a new and used car, which determines the sum insured, differs by at least 30%. In order to provide the insurance company with reserves sufficient to pay for the repair of a used car, the insurance premium rates for them should be higher,” says Alexander Makarov, head of the Banki.ru insurance vertical project office.
In 2023, bankers expect the upward trend in the share of used cars in lending to continue. “Of course, the concessional lending program for new domestically produced cars continues to operate, but the strength of this state support tool in the struggle for a share of the volume in the car loan market will depend on the volume of production in the Russian Federation (see p. 7),” notes Alexander Vasiliev.
The dynamics of the average check this year will be influenced by two main factors – the extension of the state program, which reduces the average check of a car loan for new cars, and the growth in the cost of the cars themselves, Marina Dembitskaya believes. As a result, in her opinion, the annual increase in the check can be from 10-25%.
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