According to Nielsen Russia, one-third of car owners in Russia say they are delaying replacement or purchase of a new car because of the current economic situation.
It seems that the Russian market will no longer be the largest European automotive market.
Olga Belova, a research director at Nielsen Russia said:
“It is very likely that in 2008 the Russian automotive market which has been enjoying fabulous growth – by 35 percent in 2007 – will show slow down for the first time in the past few years”
The Association of European Business in the Russian Federation announced on Tuesday that the growth of foreign car sales in Russia slowed to its lowest annual pace since January 2007.
By brand, the best car sold in Russia was the Chevrolet Lacetti.
Yaroslav Zaytsev said:”Auto loans were one of the key drivers of the Russian automotive market sales… Now consumers have to cope on their own or find other additional financial sources to buy a car”.
“There is a big possibility that until (the) auto loans market in Russia recovers, it is very likely that the automotive market will return to the nineties when everything was bought on hard cash,” he added.