This year, the demand for financing in both the new and used car segments has significantly increased, according to Swedbank data. The most popular car in the new car segment is Toyota, but in the little used car segment – BMW.
The average amount of money that people spend on the purchase of a used car is about 6,000 euros, but for the purchase of a new car it exceeds 20 thousand euros. Significantly, the number of people who prefer to buy a new car from the salon is growing every year.
New cars – greener
The demand for financing for the purchase of a new car in 8 months of this year has increased by 14% (compared to a similar period in 2020). The average amount of financing is almost 21 thousand euros, but the most popular car brands have been Toyota, Škoda, Hyundai, VW and Kia. Among the leading brands in these brands are Toyota Rav4, Toyota Corolla, Škoda Octavia and Škoda Kodiaq. One in three or 32% of all new cars has low or medium CO2 emissions (up to 130 g CO2 / km). In general, the most selected cars with gasoline engines (80%).
“Assessing the trends in the purchase of new cars, it should be emphasized that in this segment the Latvian car fleet is becoming cleaner, because one third of all cars have low CO2 emissions. Although electric cars and hybrid cars are still only a small part of the new car segment, it is important that buyers choose greener cars with cleaner engines built to reduce harmful emissions. Considering that from next year it is planned to launch a state support program for the purchase of electric cars and expanding the offer of used electric cars, it is expected that we will soon be able to see growth in this car segment, ”comments Sergejs Romansuks, Head of Swedbank Car Financing.
The second-hand car niche is dominated by diesels
The number of transactions financed in the used car segment has increased by more than 35% this year. Residents have spent on average 13,400 euros to buy a little used car, and 6,000 euros to buy a used car, and most often they prefer cars that have already proven themselves on Latvian roads – BMW, VW, Toyota, Volvo and Audi. The three most popular car models were the VW Passat, Volvo XC60 and BMW 320, and mostly with diesel engines (66%).
Crossover boom
When evaluating the most demanded car types, the high demand for so-called compact crossovers (small and medium-sized SUVs) should be highlighted. These cars account for 46% of all new and used cars purchased on car leasing and credit (in the second quarter of this year). The most popular cars in this niche are Toyota Rav4, Škoda Kodiaq and VW Tiguan. In the small and medium car niche, buyers have most often chosen Toyota Corolla, Škoda Octavia and VW Golf this year. Of the electric cars, the most popular was the BMW i3, but the most popular SUV was the BMW X5.
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