Ukrainians spent a record amount of money on new cars in 3 months
30 April 2024 15:34
In the first quarter of 2024, Ukrainians spent almost UAH 25 billion (equivalent to EUR 581 million at the current exchange rate) on the purchase of new cars and commercial vehicles, which is the highest figure in the last 6 years. This is evidenced by the data of AUTO-Consulting, reports "Komersant Ukrainian"
Last year, in the 1st quarter, new cars cost Ukrainians almost UAH 19 billion (EUR 456 million at last year’s exchange rate). The growth was 31.4% in hryvnia equivalent.
This year’s figure of UAH 25 billion is also the highest even compared to the pre-war period (until 2022 – ed.). For example, if we compare the financial capacity for the first quarter of 2021, when 606 million euros were spent on the purchase of new cars, which was about UAH 20 billion at last year’s exchange rate.
Similarly, in Q1 2020 and 2019, new cars cost Ukrainians €550 million and €507 million respectively. This is even less than this year’s figures in European currency.
These record-breaking figures are explained by a large deferred demand for new cars and a significant shift in the trend towards more expensive cars, experts say. The market also has virtually no segment of low-cost cars. In addition, electric cars, which are somewhat more expensive than the average cost of a new car, have a significant impact on the market.
In addition, a lot of money is spent on renewing the fleets of government agencies that purchase more expensive cars. In general, automotive inflation affects the average cost of a new car. Experts predict that with the recovery of the car market, even more money will be spent on buying new cars.
