In March, the share of loans issued for used cars was higher than for new cars

The current picture of car loans looks super positive if we compare March 2023 with last year. Experts believe that this basically happened because a year ago, in March 2022, when car sales were still quite high, banks practically stopped lending to their purchase (against the backdrop of the special operation that began in February) – "as it always happens in the market lending when some cataclysms happen". So, executive director of the agency "AUTOSTAT" Sergey Udalov commented on the situation on April 7th during the online broadcast “AUTOSTAT Operative. Operational information in the Russian car market. Results of March 2023".

He cited figures and facts characterizing the current state of the car loan market, saying that the volume of loans issued in March for new cars increased 3.6 times in quantitative terms (in compare with March last year), and in monetary terms - 3.4 times. As for used cars, the dynamics are positive and even, as Mr.Udalov said, “cosmic”: there are significantly more loans for used cars than a year ago. In quantitative terms, the growth is 3.5 times, and in monetary terms - 4.5 times.

The share of issuance for used cars among all car loans (for those banks that participated in the monitoring*) in March was 59% - in units and 54% - in rubles. That is, we see that now the share of loans issued for used cars already exceeds those for new cars.

* Based on data from 19 leading car loan banks and joint monitoring of the situation by AUTOSTAT+Frank RG