Prices taxied to growth – Newspaper Kommersant No. 166 (7367) of 09/09/2022
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Prices for used cars in the Russian Federation returned to growth by autumn: analysts and some aggregators have observed an increase in the price of such offers by an average of several percent since August. The cost will continue to rise slowly, in solidarity on the market, due to the traditional revival of demand after the holiday season and the shortage of new cars. But while prices for used cars are still lower than at the peak in March-April.
Prices for used cars in the Russian market returned to growth by the end of summer, according to Avtostat data. Moreover, if the average weighted price in the market has been steadily growing for the second month in a row, although it is still below the April peak, then among the “youngest” offers (up to seven years old) it began to rise only in August.
The weighted average price of a used car in January-August amounted to 1.2 million rubles. (an increase of 60% compared to the beginning of the year), and in the segment of cars up to seven years old – almost 2.3 million rubles. (by 51%).
At the same time, prices for new cars are generally stable after the spring peak.
The market of passenger cars with mileage in August, according to Avtostat, fell by 25% year-on-year, to 392 thousand cars. In July, sales amounted to 430.3 thousand cars.
Droma also says that after the price cut in April-June, since July, used cars began to rise in price. According to the service, in August the average price for a used car increased by 2%, to 885 thousand rubles, in July – by 3.5%. “At the same time, the increase in the average price is partly due to the fact that inexpensive cars have been sold out,” the company explains.
Fresh Auto CEO Denis Migal notes that compared to July, the average cost of a used car in the last month of summer increased by 1.5%, to 1.2 million rubles. He attributes this “to the recovery in demand after the traditional lull in the holiday season.” Compared to the beginning of the year, the average price of used cars went up by 18.5%, while in March-April they went down by 15-20%. At the same time, the price of used cars in the premium segment stabilized in the summer after the peak in March, when their average price exceeded 7.7 million rubles, Mr. Migal notes.
At the same time, Avto.ru believes that average prices for all used cars reached a plateau in June.
So, for example, in the segment of cars under the age of seven years, prices have been growing since February (1.7 million rubles), reaching a peak in April (2.4 million rubles), after which they “rolled back” to the level of 2.2 million rubles. from June. The company also cited data that cars under the age of five years have risen most actively since the beginning of the year, adding an average of 28%.
Vladimir Zhelobov, director of the Avtospetstsentr sales department, confirms that prices for used cars have stabilized: “Now they are not higher compared to the beginning of summer, there is no positive dynamics either in the premium segment or in the mass segment.” Avilon is in solidarity with this, noting that relative to March-April, the price tags are now noticeably reduced.
Now the sale price of a used car is either equal to or slightly higher than the average price one or two months ago, says Alexey Zhirnov, sales director for used cars at Avtodom Altufyevo: “Since the beginning of summer, prices for used cars have been growing, growing and, I think, will grow. Car shortages still persist despite parallel imports and prices continue to rise.”
Avilon expects prices to rise in autumn against the backdrop of traditional sales seasonality.
Droma also talks about the seasonality factor: “During the summer months of holidays, as a rule, motorists are less interested in buying cars.” Prices may also increase due to the expected weakening of the ruble, they conclude there.
Average prices for used cars fluctuate from month to month, but they will continue to rise in price at the same small rate of a few percent, says Sergey Udalov from Avtostat. Car owners are now beginning to “hold” cars due to the lack of new offers, the analyst explains. And this, Mr. Udalov believes, in turn, leads to a reduction in the volume of supply: “Sellers will wait until they buy at their price.”
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