12.01.2026 / The car leasing segment is recovering faster than the market

Every fifth car leased turned out to be used

According to Gazprombank Autoleasing and the marketing agency NAPI, in January-November 2025, the new and used car leasing market* decreased by 29.7% in quantitative terms. At the same time, in November 2025, only 13% fewer cars were leased than in November 2024.

Results of 11 months

In January-November 2025, business representatives leased 143.9 thousand cars (112 thousand new and 31.9 thousand used) compared to 204.7 thousand units leased a year earlier (177.2 thousand new and 27.5 thousand used).

Leasing of used cars grew by 16.4% over 11 months, while that of new ones fell by 36.8%.

Following results of January-November of the current year, the share of leasing in corporate sales of new cars decreased from 66.9% to 62.1% (-4.8 p.p.), while leasing of used cars continued to grow and reached 28.9% (+3.3 p.p.).

The share of Russian brands among cars leased increased by 2.3 p.p. and reached 26%. At the same time, the share of Chinese brands (excluding BELGEE) decreased by 7.8 p.p. to 50.2%.

The TOP-5 list of brands most often leased by businesses included LADA, CHERY, HAVAL, BELGEE and GEELY.  During the reporting period, leasing of HAVAL (-54.2%), GEELY (-56%), and CHANGAN (-57.5%) cars sharply decreased, while that of BELGEE (+19.3%) and SOLARIS cars (+96.5%) increased.

Since the beginning of 2025, LADA GRANTA, LADA LARGUS, HAVAL JOLION, BELGEE X50 and LADA VESTA have become the most popular models among corporate clients.  Over the past 11 months, leasing of LADA LARGUS (+76%), CHERY ARRIZO 8 (+28.6%) and BELGEE X70 (+908.8%) models to corporate clients has increased significantly. So the latest 2 models have every chance of entering the TOP-5 list next year.

Results of November.

In November 2025, business representatives leased 17.5 thousand new and used cars, which was a 13% decline on November 2024 and 11% less than in October 2025.

In the new car market, the number of transactions decreased by 23.3% (to 13.3 thousand cars), while in the used car market, their number grew by 53.6% (to 4.1 thousand cars).

The TOP-5 list of brands in November included LADA, BELGEE, HAVAL, TENET and GEELY.  The most popular models were LADA GRANTA, BELGEE X50, HAVAL JOLION, BELGEE X70 and TENET T7.

"November results turned out to be predictably worse than October ones, when the market reacted to an increase in recycling tax ratio.  At the same time, the gap has narrowed compared to November 2024, as it was from November last year that the market went down after the same surge in sales in October. In 2026, the market will be influenced by a number of factors. They include VAT increase and growth of prices due to increase in recycling tax payments, which will certainly negatively affect both the automotive market and the auto leasing segment. We consider the further reduction of the key rate and the expansion of the range of cars manufactured in Russia to be positive aspects, which will help to somewhat curb the increase in prices and leasing costs," said Tatyana Arabadzhi, General Director at NAPI.

"The car leasing segment will continue to recover faster than the market in 2026. At the same time, the continued growth of transactions in the used car segment will also become a trend next year due to the still high Central Bank rate. Rising prices for cars and machinery after introduction of the recycling tax and stricter tax policy may be constraining factors for the segment's recovery.  First of all, all this will affect the SMB segment, which makes up the majority of lessees in the market. Among the growth factors, it is worth noting the expected measures to expand state support for the leasing industry and strengthen the localization of car production by foreign players," said Nikolai Fomin, Sales Director at Gazprombank Autoleasing.

Leasing* of new and used cars, thousand units

Data source: NAPI

* operational and financial leasing (excluding special purpose vehicles)

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