New passenger cars in Russia have risen in price by 40 percent in five years

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New passenger cars on the Russian market have grown by 40 percent over the past five years. At the same time, foreign cars rose in price by 44 percent, and domestically produced cars – by 37 percent.

In 2015, the average cost of a new car was 1.2 million rubles – the price tags for products of imported brands corresponded to 1.36 million rubles, and Russian ones – 510 thousand, according to the publication Automotive Statistics.

According to the results of the first half of 2020, the average price of a new passenger car has already reached 1.68 million rubles. The cost of foreign cars increased by 44 percent and reached 1.96 million rubles. Domestic cars added less – 37 percent. On average, their price was 700 thousand rubles.

The main reason for the rise in the cost of cars was the devaluation of the ruble, experts say. The rise in prices was also influenced by the increase in VAT, the increase in the utilization fee and inflation.

As we wrote earlier, in July, sales in the Russian automotive market increased by 6.8 percent compared to the same period last year.

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