Tashkent, Uzbekistan (UzDaily.com) — The passenger car market in Uzbekistan is showing mixed trends: amid ongoing price increases for new vehicles, used cars are gradually losing value. This conclusion is drawn in the Central Bank of Uzbekistan’s review of the first quarter of 2025, which examines changes in the auto market as one of the indicators of economic activity and financial system stability.

According to the Central Bank data, since the beginning of 2025, the prices of new cars on the secondary market have risen by 4.7% in Uzbek soms and by 1.6% in U.S. dollars compared to March 2024. The price growth is primarily attributed to sustained high demand combined with a sharp drop in import volumes. In the first three months of this year alone, car imports declined by 69% compared to the same period last year.

The import reduction has particularly affected the electric vehicle segment. Following active growth in 2023—driven by reduced customs duties and rising fuel prices—tightened regulations in 2024–2025 led to a decrease in supplies. For instance, in 2024, car imports dropped by 7.1% compared to 2023, and in early 2025, imports decreased nearly threefold.

At the same time, the secondary market shows the opposite trend: prices for used vehicles are steadily declining. Price indices in soms and dollars peaked in 2023 and early 2024 but have been falling steadily since mid-2024. Several factors contribute to this: increasing consumer interest in new cars due to their quality, warranty, and fuel efficiency, as well as the declining investment appeal of the older vehicle fleet. Credit and leasing programs, which mostly apply to new models, also play a significant role.

Additionally, the Central Bank highlights a cautious attitude among consumers, reflected in a reduced number of car sale listings. In 2024, secondary market transactions dropped by 32.9%, falling to 810,000 from 1.2 million the previous year. This may be linked to both seasonal factors and declining purchasing power.

Thus, in the near future, the Central Bank expects current trends to persist: limited imports, weak supply, and steady demand will push new car prices higher, while the secondary market will continue to face downward pressure. The greatest market activity remains concentrated in Tashkent and the Tashkent region.