In response to the closure of several automobile plants in the country following the Russian-Ukrainian war, used car prices in the Russian market rose, but suddenly, Japan continues to be the most alluring to buyers.
According to data from the Carscopes website, 76% of used automobiles in Russia are imported from Japan, which is a significant difference of 5.3% from Belarus, who holds the second-place position.
The cost of used cars has increased by 10% since the beginning of 2022, and despite Japan’s sanctions against the export of high-value vehicles to Russia, the number of vehicles imported by Russian citizens from there is significantly rising. At least 23117 used vehicles were brought into Russia in August, a significant increase over 11055 vehicles in February.
According to Reuters, from January to August, more than 100,000 cars were imported by individual buyers through the port of Vladivostok in Russia, an increase of about 50% over the same period the previous year. Additionally, individuals now account for 23% of all new cars imported into Russia, a significant increase from 2% in February.
In recent months, China has been the nation that has exported the most new automobiles to Russia. In August alone, more than 10,000 cars came from China, accounting for 70% of all markets.
In general, new car sales in Russia have decreased significantly by 60% since the war, falling to little over 506,000 vehicles sold between January and September 2022.
A number of businesses, including Toyota, Mazda, and Volkswagen, have left the Russian market; Hyundai is also considering doing the same after making significant investments over the past few years. The reason for this exodus is the lack of supply chains and the difficulty in producing goods in Russia.
Japan was used by Russia to make up for their auto shortage.
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