Russian Car Prices Surge Amidst Economic Uncertainty

In Russia, new car prices soared to record highs in October, averaging 3.43 million roubles. Fear of further price hikes sparked this surge, even as Russian consumers recovered from market disruption due to Western exit. Chinese brands filled the gap, and a steady recovery in the car market is anticipated.

In an unprecedented development, the average price of a new car in Russia surged to new heights in October, reaching 3.43 million roubles, equivalent to $42,189. This significant increase is attributed to consumer fears of future price rises, as revealed by Russian analytical agency Autostat.

Autostat's head, Sergei Tselikov, emphasized the prevailing sentiment among consumers: "Buy now, everything will be more expensive tomorrow." The turbulent Russian car market, significantly impacted by the Western automakers' exit in 2022, witnessed a shift with Chinese brands becoming predominant players.

By 2024, Russians had spent a record 4.9 trillion roubles on vehicle purchases, with sales having reached 1.6 million units. While 2025 sales started slower, indicators point to recovery, buoyed by the central bank's rate cuts and increased scrappage fees encouraging consumer spending. The Association of European Businesses adjusted its sales forecast, predicting 1.28 million units sold, with a possible increase.

(With inputs from agencies.)