The long-term car rental service, which is essentially operating leasing, which is gaining popularity in the Russian market, has become more profitable than buying a car on credit, market participants say. First of all, this is true for expensive cars or those customers who are willing to overpay for saving time on car maintenance, experts say. Leasing will also be attractive for those who often move, for example, for work. But this segment is unlikely to become really massive in the current conditions.
According to a study conducted by VTB Leasing together with NAPI (National Agency for Industrial Information), which Kommersant got acquainted with, in the current conditions of the car market, leasing (long-term rental, the so-called car subscription) becomes more profitable than buying a car on credit by an average of 20 %. And in the next five years, this trend will develop, the authors of the document note.
The trend formed despite the decline in the total cost of auto loans (TCL) in July. Thus, according to the United Credit Bureau (one of the top three in terms of the number of credit histories), in July the total cost of a car loan was 17.84%, while in June it was 18.48%. TIC will continue to decline against the backdrop of the plans of the Bank of Russia to further reduce the key rate, market participants believe.
The cost advantage of leasing over a car loan is due to the shortage of spare parts formed on the market and the rise in price of official services.
The authors of the study note that the client receives the greatest financial benefit from leasing if he subscribes to a comfort-class car.
For example, the price of a three-year lease of Chery Tiggo 8 PRO in the VTB subscription service is 62 thousand rubles. per month. The cost of the same crossover in the case of a purchase on credit, taking into account maintenance, will cost 73 thousand rubles. per month. In leasing, the cost of Hyundai Creta is 32 thousand rubles. per month, for Volkswagen Tiguan – 55 thousand rubles. Monthly payments for long-term rental of these brands will be comparable to the cost of operating your own car, the authors of the study say.
“However, it cannot be said that a general trend has formed on the market, in which long-term car rental is more profitable for individuals than buying a car for cash or on credit. This is true only for some brands,” emphasizes Otkritie Avto expert Alexander Potapov. The cost of a car, taking into account the trend in the Russian Federation for a constant rise in price, will increase by 5-15% over three years of rental. “But the client, not owning a car, will not be able to get a return on his investment,” explains Mr. Potapov. “On the contrary, the upward trend in car prices will lead to a significant increase in the rental rate for the client.”
First of all, the segment for which the long-term rental service is relevant is wealthy customers – rent saves them from having to deal with registering a car, repairing it and servicing it, experts say.
The profiles of a potential client of a leasing company and a borrower on a car loan are increasingly different, and this is not about age and average monthly income, but about the expected level of filling the contract, adds Andrey Volkov, Head of Strategic Marketing and Digital Sales Technologies at Baltic Leasing. “If a client wants to receive a comprehensive service product so as not to worry about maintenance, tire service, insurance, etc., he will choose a lease,” the expert believes. rent both apartments and cars.
“Subscribing to a car became relevant several years ago, including in Russia,” says Frank RG project leader Stanislav Sukhov. “In a stable market, a subscription is more profitable than a car loan and often more profitable than a simple purchase for cash.” However, the expert doubts that the “car subscription” can become a popular and profitable product for the mass user on the Russian market.