How are the prices of new and used cars changing in Uzbekistan?

The Central Bank of Uzbekistan, in its updated commentary on monetary policy, analyzed the dynamics of the domestic automobile market. The review included an analysis of prices for new and used cars, as well as segmentation by low and high usage categories.

According to the analysis, since March 2023, prices for new cars have significantly decreased both in Uzbek soums and in US dollars. While an increase in prices in soums was expected, the downward trend in dollar prices persisted. Compared to the previous period, prices for new cars in March 2024 rose by 4.7% in soums and 1.6% in dollars. This dynamic is linked to high demand for new cars in the domestic market and a decline in import volumes.

Additionally, trends in used car prices were noted. Until September 2023, prices for used cars in dollars remained high, and prices in soums were high until mid-2024, after which a decline was observed. The current decrease in used car prices stems from growing demand for new cars, as consumers increasingly prefer vehicles with higher quality, warranties, and modern technology.

Furthermore, the commentary covered the influence of credit and leasing options on demand and price reductions. Available credit terms for new cars, in particular, have boosted demand. Financing and the investment appeal of cars have also shaped expectations of price decreases.

Car imports into Uzbekistan sharply declined in the first quarter of 2025. From January to March, 6,794 passenger vehicles were imported, which is 3.2 times less compared to the same period in 2024. The value of imports also fell 4.2 times, totaling 115 million USD. This indicates a reduction in domestic demand and the impact of economic factors.

In April 2025, sales of new passenger cars increased by 20%. This indicates a sharp increase in the primary market, with 26,000 cars sold. The rise in new car sales reflects growing market activity and improved production. Meanwhile, the used car market showed a slight decrease in activity. Sales grew by 22%, with 52,000 vehicles sold.

Despite the interplay of many factors, the Uzbek car market in 2025 may experience additional stimulus for demand and pricing of new vehicles.