Wealthy Russians rush to buy luxury cars as pandemic gathers pace

In the midst of the coronavirus pandemic, wealthy Russians rushed to buy luxury cars. Rolls-Royce, Lamborghini and Ferrari sales have increased by four to five percent, the Rossiyskaya Gazeta newspaper reports with reference to JATO Dynamics analytical company.

According to the publication, in the first quarter of 2020, luxury car sales increased by 18 percent over the same period of the previous year (72 percent in February and five percent in March). In Moscow, the growth made up 22 percent.

"A surge in exchange rates and general uncertainty in connection with the pandemic did not scare customers away from luxury brands - on the contrary, the crisis triggered additional sales even for coupes and convertibles during the low season," Sergey Baranov, company's analyst said.

In the summer, after the restrictions were lifted, luxury cars also remained in demand. Their sales grew by five percent.

About 70 percent of all luxury cars are purchased in Moscow and the Moscow region. Wealthy people are less dependent on the economic situation, and it is more profitable for them, especially for those who keep their savings in foreign currency, for purchase luxury cars against the backdrop of the ongoing decline of the Russian ruble.

In January 2020, it was reported that sales of new luxury cars in Russia in 2019 decreased by 10.2 percent and amounted to 1,312 cars against 1,461 in 2018. Mercedes-Benz Maybach S-Class suffered the largest reduction in sales (480 cars were sold in 2019 versus 716 - in 2018).