Russians Snap Up Porsches as Falling Ruble Erodes Savings

From bloomberg.com

Russians are snapping up Porsche sports cars and Lexus sport-utility vehicles to protect against the falling ruble from eroding their savings. With steeper price increases looming next year, sales of Porsche vehicles, such as the Cayenne crossover, jumped 55 percent last month and Lexus demand surged 63 percent. Local Lexus dealers added extra staff to handle customer traffic that surged by a third, according to the Toyota Motor Corp. brand. 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 percent against the dollar since ... (full story)