The share of leasing in the new car sales, on vehicles mostly imported to Russia through indirect “parallel imports”, does not exceed 6% of the total market, Kommersant daily reported citing car dealers and leasing companies.
The car leasing market is thus expected to shift from new cars to used vehicles.
Analysts surveyed by Kommersant expect a gradual saturation of demand for cars in the premium and luxury segment which occupy the overwhelming share of this channel of supply. At the same time, the sales in the official dealership market could still recover due to the increased supply of Chinese brands.
In May 2023, about 81,000 car leases were issued for a total of RUB118bn, according to Frank RG.
As followed by bne IntelliNews, following Russia's full-scale military invasion of Ukraine, the production of cars in Russia almost completely ceased in the summer months as the sector ground to a screeching halt.
Car sales in Russia collapsed by 58.8% in 2022 to 687,370 units (chart) and are only expected to recover to pre-war levels in 2027.
Lada Granta of AvtoVaz last year remained the only domestically assembled model on the Russian car market and the only budget offering, while also being the beneficiary of the preferential car loan programme.
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