VTB: almost every second new car in Russia will be sold on credit in 2023

In 2023, the growth of transactions for the sale of cars on credit will recover in Russia, said Vladimir Vysotsky, Vice President, Head of the Department of Car Loan Sales at VTB. According to him, this is influenced by parallel imports, the expansion of the production of Russian cars and the state support program.

“According to our estimates, by the end of the year the share of borrowed funds in the segment may reach about 45%. Thus, almost every second new vehicle in the Russian Federation will be sold with borrowed funds,” said Mr. Vysotsky, quoted by the VTB press service.

According to the bank’s forecast, this year the share of loans in the segment of new cars could grow by 6-7 percentage points (p.p.), up to about 45%. In some months, sales of such cars on credit can reach 50%. In the market of used vehicles, the share of borrowed funds will increase by about 0.5–1 p.p. and exceed 8%, according to VTB.

According to Frank RG, in December 2022, there was no traditional seasonal growth in the car loan market. Last month, 58.1 thousand loans worth 72.1 billion rubles were issued. 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.

Details – in the material “Kommersant” “Car loans supported by mileage”.

Laura Keffer