Compared to other Baltic countries, Lithuanian buyers chose the newest cars, taking into account greater safety, more modern technologies, and lower maintenance costs.
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In the first half of this year, the average car leasing financing amount in Lithuania was 25,000 euros, in Estonia – 24,000 euros, and in Latvia – 21,000 euros. In neighboring countries, the average age of financed cars was 2.8 years in Estonia and 3.8 years in Latvia. Data from “Citadele Leasing” shows that in Estonia private individuals choose the most expensive cars in the Baltic countries, while in Latvia customers still prefer more modest purchases.
“In the Baltic countries, we see different car buying habits influenced by both the purchasing power of the population and market supply. However, the overall trend across the region is the same – buyers increasingly choose cars by evaluating not only their purchase price but also total maintenance costs, safety, and long-term value retention,” says Vaidotas Gurskas, head of the Lithuanian branch of “Citadele Leasing.”
Car choice changes depending on the life stage
The most active car leasing buyers in the first half of this year were residents around 40 years old – financially stable and economically active people. According to the bank’s data, the most expensive cars were also purchased by residents aged about 35–45 years – in this age group, the average purchase price of one car ranged from 32 to 36 thousand euros, which is the highest indicator among all age groups.
Private individuals, when purchasing a car, also paid a higher down payment – on average 27% of the car’s value, while companies paid 20%. According to V. Gurskas, a higher down payment allows reducing the monthly leasing installment and overall financing costs.
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When buying a used car, diesel is mostly chosen
According to V. Gurskas, when choosing a vehicle, Lithuanian drivers consider fuel prices, operating costs, and their daily mobility habits.
He notes that although the market is seeing an increase in hybrid and electric cars, diesel engine cars still dominate the used car segment by the number of transactions.
“Although buyers in the used car market still most often choose diesel cars, the demand for other types of cars is rapidly growing. The number of financing deals for petrol cars has increased by more than 26% compared to last year, and for electric and hybrid cars – about 30%. If this trend continues, the share of diesel cars in the country’s car fleet should decrease over time,” says V. Gurskas.
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