Debt craving: Russians actively take out loans for used cars
In the second quarter, banks provided almost 136 billion rubles for the purchase of used cars, which is almost a quarter more than a year earlier, according to data from the Design Bureau, which was studied by Izvestia. In August, the share of used cars reached almost a third of the total number of loans. Russians are increasingly turning to the secondary market due to rising prices and lower availability of new models. However, savings on purchases can result in additional repair costs, especially in the case of foreign cars with expensive or scarce spare parts.
Why is the demand for used cars growing
Buyers can often purchase used cars only with borrowed funds, despite lower prices on the secondary market. In April–June 2026, banks financed such transactions for almost 136 billion rubles, according to data from the United Credit Bureau (OKB). Compared to the same period last year, the volume increased by 24%. The number of loans issued has also increased to more than 94 thousand.
At the beginning of the second quarter, used cars accounted for only a quarter of deliveries, and in August their share approached a third and amounted to 31%, according to OKB data. Thus, the share of used cars in the total volume of car loans is gradually increasing.
At the same time, the majority of transactions on the secondary market still take place without the participation of banks. According to Autostat, in January–August, Russians purchased almost 4 million used vehicles, while since the beginning of the year, approximately 246 thousand buyers have used loans. That is, in most cases, people manage with their own funds or use a trade-in.
In general, used cars are more popular than those from the salon. One new car now accounts for four to five transactions on the secondary market, said automotive expert Igor Morzharetto.
However, the segment itself is growing much slower than lending. In January–August, sales increased by only 2.2% compared to the previous year, according to data from Autostat. At the same time, loan disbursements jumped by 20% during this period. This means that buyers are increasingly having to borrow money.
The average car loan receipt for a used car is already about 1.5 million rubles, which is only 100,000 less than for a new car, according to OKB data. The calculation does not take into account the initial payment. With it, the total purchase price can reach 1.8–2 million rubles or even exceed this amount. Thus, even the secondary market, where people turn in search of a more affordable option, requires significant savings and borrowed funds from buyers.
The increase in the amount of car loans reflects, among other things, an increase in the price of used cars, says Artem Yazykov, Senior Managing director of Sovcombank. The average cost of such a purchase increased by more than 30%, while the amount of the initial payment remained almost unchanged. As a result, borrowers have to request ever larger amounts from banks.
Why is the demand for used cars growing?
Used cars are getting more expensive about seven times slower, said Freedom Global analyst Vladimir Chernov. In August, the average cost of a new model reached 3.5 million rubles, an increase of 8% over the year. In the ads, a used car cost an average of 1.4 million, an increase of only 1.2%. These figures are lower than the amount of car loans, since buyers often pay for inexpensive options with their own funds.
It is the increase in the price gap between the two segments that pushes buyers to the secondary market, said Dmitry Baranov, a leading expert at Finam Management Management Company. New cars have significantly increased in price due to the exchange rate, logistics, recycling and limited supply of individual brands. Therefore, part of the demand is shifting not only to the cheapest segments of the secondary market, but also to relatively fresh used cars.
For many, a used car remains the only available option, explained Laura Kuznetsova, managing expert at the PSB Center for Analytics and Expertise. However, the interest rates on loans for such cars are higher: in August, the average full cost of a loan for a used car was about 22.7% versus 14.6% for a new one, since manufacturers often finance preferential rates there.
Additional pressure on the prices of new cars is exerted by an increase in recycling. Its rates began to increase gradually from October 2024, and for imported cars, the commercial fee, depending on the engine capacity, can already range from several hundred thousand to more than 2 million rubles. Importers include these costs in the final cost. In the future, the rates will continue to be indexed annually.
The more expensive it becomes to import a new car, the more attractive the options that are already in the country look, Vladimir Chernov confirmed. It also supports the secondary market.
Nevertheless, the departure of buyers to the secondary market does not solve the main problem with the availability of the car. The income growth of Russians is slowing down. And against the background of still high rates, even cheaper cars with mileage are available to some buyers only with a long loan term, said Roman Timashov, director of after-sales services at Avtodom Altufevo.
It is here that another limitation begins to apply — the requirements of banks to the debt burden of borrowers. Credit institutions comply with the limits of the Central Bank for issuing loans to customers with a high debt burden. They can lend most freely to borrowers who spend less than half of their income on loan servicing.
Due to these requirements, more than 60% of Russians risk not getting a loan for a car, Izvestia wrote earlier. With an average payment of about 37 thousand rubles, the borrower's income should be at least twice as high, and about 40% of citizens have such a level of earnings.
One of the ways to fit the buyer into the acceptable level of debt burden is to extend the loan term. Currently, about 30% of loans for used cars are issued for seven to ten years, a market source told Izvestia.
What are the risks of used cars?
The flow of buyers to the secondary market will continue, according to Maxim Kadakov, editor-in-chief of Za Rulem.
A lower price allows you to reduce costs at the time of purchase, but some of these savings may disappear during operation, says Fyodor Kalabkin, an expert at the financial marketplace Compare. On average, a used car has to be repaired more often due to the natural wear of parts.
At the same time, spare parts continue to rise in price, noted Fyodor Kalabkin. Depending on the brand, the price increase ranges from 1 to 30%. According to some estimates, components for Russian cars have increased in price by more than 11% over the year, and for Chinese cars by more than 9%.
Maintenance can be especially expensive for rare models and cars of brands that have left the Russian market, Vladimir Chernov added. If the customer wants to supply original parts, the costs increase even more due to shortages and long delivery times. Therefore, the buyer must take into account simultaneously the cost of the loan, the term of the loan and future maintenance costs.
This problem will become even more noticeable as the fleet continues to age. 12 years ago, the average age of a car in the country was just over ten years, and now it is approaching 16 years, said Igor Morzharetto. With weak sales of new cars, used cars stay in service longer and continue to pass from one owner to another.
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