Thursday, April 23, 2009

Car thefts, the new Russian economic indicator?

According to Realclearworld.com the economic downturn is having a powerful effect on one group of Russians – professional car thieves.

It seems that the slowing Russian economy has forced car thieves to change their tactics, traditional Russian brands like Ladas are now flying off the streets, with the rate of theft for those makes being higher in 2009 than ever recorded; while high-end rides like Bentleys and Maybachs can now park on the Moscow streets in relative safety. The number of Russian cars stolen this year in Moscow has even surpassed the numbers of modest foreign brands like Hondas and Toyotas combined.

The explanation seems to be that criminals can't fence stolen luxury rides, while demand remains high for cheaper domestic models. I don't think this is exactly what Vladimir Putin had in mind though when he stepped in to prop up the Russian auto industry.
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