Author`s name Pravda.Ru

Buying new cars becomes luxury to most Russians

Buying a new car has become a luxury for many Russians again. The cost of cars in the first half of 2016 has ncreased by 18% compared with the same period last year. At the same time, incomes of the population have decreased.

From January to July of 2016, average prices for new cars in Russia reached the level of 1.356,000 rubles (about $20,000). Price tags for certain brands have gained 28-40%. For example, a high line Renault SUV cost about 700,000 two years ago, but now they are selling at nearly 1.5 million rubles.

According to the National Bureau of Credit Histories, the first half of 2016 recorded the highest dynamics of increase in arrears on auto loans of 1.4%.

It is worth noting that one can receive a loan at 9.9% or even lower, but such loans are still unaffordable to many, given the current level of the population income.


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