Russians buy as ruble devalues

Russians are snapping up Porsche sports cars and Lexus sport-utility vehicles to protect their savings against the falling ruble.

With steeper price increases looming next year, sales of Porsche vehicles, such as the Cayenne crossover, jumped 55% last month and Lexus demand surged by 63%. Local Lexus dealers added extra staff to handle customer traffic that surged by a third, according to Toyota.

It’s not just the wealthy seeking high-end cars. Russians of all stripes are looking to convert their rubles, as the currency has tumbled 19% against the dollar since November. 1. The recent buying spree has come as a boon to the Russian car market, which has been hit hard by the country’s economic woes.