Translated with AI from the Russian original.
Sergey Tselikov, head of Avtostat, shared information about lending to those wishing to buy used cars and about the used car market in general. The first 8 months of this year brought disappointing figures: the percentage of loans issued for the purchase of used cars fell by 58% compared to last year. In monetary terms, the market volume reached 340 billion rubles, which is 63% less than the same period last year.
However, in quantitative terms, the market even rose slightly: 3.87 million cars were resold in August, which is 0.3% more than a year earlier. This is explained by the fact that 70% of the market consists of cars older than 10 years, and 40% are sold for less than 500,000 rubles.
Another reason is that buyers of such cars, as a rule, use not car loans with collateral, but consumer loans, or short-term loans at a high percentage. Also, loans for the purchase of used cars are not subsidized, and banks are suspicious of customers trying to take out a loan to buy such cars, and therefore the approval rate for them is about 25%.
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