In comparison with its predecessor, the Moskvitch-401, the M-402 model featured many improvements which included independent suspension with double wishbones, telescopic shock absorbers, 12-volt electrics, more solid and comfortable car body, more modern trunk, heater, standard car radio, wider viewing range for the driver, etc.

[1] The top speed was 88–90 kilometres per hour (55–56 mph), a slight increase over the M-401 series, mostly due to considerable reductions in body weight; it could achieve 9 L/100 km (26 mpg‑US; 31 mpg‑imp).

In 1958, among other changes, the engine was replaced with MZMA's OHV development, which allowed the car to obtain a maximum speed increase up to 115 kilometres per hour (71 mph) and significantly reduced the level of noise.

[4] Exported to several Western countries, the M-402 in Norway had an advantage over the Ford Anglia or Prefect, being both more available and less subject to import duty.

[4] Limited production of four-wheel drive variants of the M-402 (the M-410 saloon) was built in 1957–1958, using transfer case and axles of the GAZ-69 and Pobeda steering.

[7] A total of 11,890 four-wheel drive 402s and 407s were built by the end of production in January 1961,[7] a result of Moskvitch being unable to keep up with demand for its mainstream M-407s.

[8] Up to half of all M-407 production was exported for a number of years, mainly to the Eastern Bloc countries, Norway, Finland, and France.

[11] To keep up with Western standards of speed and fuel economy, Beherman also offered a Perkins 4.99 diesel engine of 1.6 litre and 43 hp (32 kW), which was only slightly slower than the petrol-engined model but considerably more economical.

The cars received Belgian tires, while Deluxe models were fitted with European-made interiors and chrome brightwork.