Russians are ready to put up with a long wait for spare parts, the price of a car, and an overpayment for a brand when buying a used car. According to Avtoteka (Avito project) and Renaissance Insurance Group (MOEX: RENI), Japanese, German and Korean cars are the most trusted in the used car market.
Every second Russian (46%) plans to buy a car in the next year, and a third of respondents (32%) are ready to opt for a used car. Most often, residents of Novosibirsk (38%), Chelyabinsk (37%) and Perm (35%) decide to take this step.
When choosing a used car, motorists are ready to turn a blind eye to the long wait for spare parts (23%), the price of the car (21%), and even overpayment for the brand (20%). Least of all, Russians are ready to put up with the high cost of spare parts for a particular model (14%) and possible problems with repairs (13%). However, 72% of respondents pay special attention to the warranty of the car, and in most cases boomers (83%) – people aged 65+ years think so.
Trust in a used car also depends on the brand of the car. Japanese brands (55%) enjoy the greatest authority among Russian motorists. Most often they are preferred by others in Novosibirsk (79%) and Omsk (69%). The second most popular were German cars (42%), and in most cases they are chosen by residents of Kazan (58%). The third in terms of confidence in the manufacturer were Korean cars (27%). The largest number of fans of such cars lives in Yekaterinburg (44%).
According to the statistics of the Renaissance Insurance Group, only at the beginning of 2023 demand for the purchase of extended warranty insurance for a car increased 8 times. Probably, such a rapid growth in demand is explained, among other things, by the fact that those buyers who previously purchased exclusively new cars entered the used car market. Now, due to a decrease in supply, they are forced to consider the used car segment. But due to the lack of experience with such purchases, they would like to minimize the risk by insuring the warranty on the most important units (engine, gearbox, etc.). Sergey Kozhevnikov Vice-President of Renaissance Insurance Methodology
The survey involved 10,000 respondents aged 18 and over living in Russian cities with a population of over one million. The study was conducted by the method of online questionnaires in May 2023.
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