Experts from the Center for Economic Research and Reforms (CERR) conducted an analysis of the secondary car market in Uzbekistan for 2022, Trend reports citing Kun.uz.
The analysis shows that the structure of the secondary car market consists mainly of domestic cars, whose share is 70%, cars produced by VAZ (Lada) - 12.7%, GAZ - 2.5% and Hyundai - 2%. A notable highlight this year is the rise in BYD’s share of electric vehicles, which was 0.1% in 2021 and reached 1.2% in 2022. Overall, the share of EVs in the secondary market increased from 0.4% in 2021 to 2.28% in 2022.
The most popular used cars this year were Lacetti, Cobalt, Spark, Damas, Nexia 2, Nexia 3 and VAZ 2106, the total share of these cars is 48% of the total number of cars sold. At the same time, among these cars, buyer preferences by model were divided as follows: 5.2% Lacetti (3rd position), 4.9% Cobalt (4th position), 4.1% VAZ (Lada) 2106 and 3.0% Spark (2nd position).
In 2022, car prices in the secondary market increased by an average of 12-15% compared to the same period last year. At the same time, prices for different car models have changed in different ways.
In particular, Damas went up by an average of 15%, VAZ (Lada) 2106 by 12%, Lacetti (3rd position) 16%, Spark (2nd position) 18%, Cobalt (4th position) 20%, Nexia 3 (4th position) 18% and Malibu 2 by 7%. Among foreign cars, the largest increase in prices was noted for cars KIA Carnival by 12%, Lada Vesta by 18% and Hyundai Sonata by 6%.
According to the results of the econometric modeling method, other things being equal (when comparing cars of the same brand, position and year of manufacture), depreciation (wear and tear) of a car in one year leads to a decrease in cost by an average of 3% compared to the previous year.
At the same time, the analysis showed that different car models change in different ways, for example, Damas depreciates by an average of 2.5% per year, Lacetti (3rd position) by 3.0%, Nexia by 2.4%, Spark (2nd position ) by 3.2%, Cobalt (4th position) by 3.9% and Malibu 2 by 5.9% per year.