A customer chooses a new car in the Independence car showroom.
Photo: Alexander Spitsyn
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The Russians to Buy Only Foreign Cars in 3 Years
Foreign cars imported to Russia will account for a half of the country’s car market in three years, while the remainder will be covered by foreign cars of Russia’s assembly. At the same time, Russia’s cars will probably entirely disappear from domestic market of new cars by 2011, concluded participants of “Automobile Retail in Russia” conference, Vzglyad edition reported.
The share of foreign cars assembled in Russia will widen to nearly 50 percent of domestic market by 2011, forecasted Tatiana Arabadzhi, who heads the National Industrial Information Agency. The foreign cars imported to Russia will cover the remainder. The situation for traditional cars of Russia’s make doesn’t inspire optimism, as “the future is for the joint ventures.”
The development of credit market in Russia drives up the sales of foreign cars. Nowadays, the Russians buy exactly on credit each second car of foreign make. Under the VTB 24 estimate, the amount of automobile loans in Russia will step up six fold to $40 billion by 2015.
What’s more, the second-hand cars will be aggressively pushing Russia’s cars from the market. For the cars sold under the trade-in pattern, the most significant growth is forecasted for 2012, when the dealers are expected to sell two million cars under the trade-in pattern each year.
www.kommersant.com
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