A recent Kantar survey of 2,605 premium car buyers from Germany, the US and China on behalf of Mercedes-Benz Mobility has found that in all three markets, a large majority of respondents can imagine driving an electric car within the next five years. In comparison with the other countries, China stands out with 96%. However, also in Germany (80%) and the US (68%) the trend clearly goes towards electric vehicles.

There was also a strong interest in financing options: Of the respondents interested in electric cars, 66% of the German and 65% of the American study participants stated that they would purchase the vehicle via a financial product (financing, leasing or car subscription). Direct purchase is much less popular with 44% in Germany and 45% in the US.

The most popular financing option in all markets is financing (GER: 48%; US: 60%, CN: 58%). When it comes to financing and leasing an electric vehicle, the manufacturer’s financial service provider is the first choice in all countries. In Germany, 81% opt for the so-called “captives”, followed by the US (74%) and China (64%).

Digital offers for car financing options are gaining in importance. For the majority of respondents in all countries, digital touchpoints—i.e. online contact with the provider during the purchasing process—are equally important as personal contact with the dealer (GER: 55%; US: 52%, CN: 76%). The willingness to finalize a financing or a leasing contract or car subscription online is also more distinct than an online direct purchase.

However, a designated personal contact can increase the willingness to finalize a contract online. In Germany, for example, around a third (38%) of respondents stated they would not finalize a financing or leasing contract online without personal advice. However, around half (47%) of these individuals would be willing to finalize an online contract together with a personal advisor. In China, on the other hand, only a quarter (26%) would decline an online-only contract for financing and leasing. However, two thirds (67%) of these respondents would be willing to finalize the contract online together with a personal advisor.

Particularly in China, respondents are open to digital payments from the car (in-car payment). In China, 46% of the study participants would very likely or even definitely use in-car payments. In Germany (27%) and the US (27%), there are still concerns about data security and data protection. However, those may be reduced through raising awareness about the security of the system. Potential users in all countries rate in-car payment a key competitive advantage of a manufacturer over other providers (GER: 55%, US: 68%, CN: 76%). The study participants consider the significant gain in convenience and more ease in everyday life the greatest advantage of in-car payment.

To finance their next car, 46% of respondents would opt for financing. This is followed by subscription (32%) and leasing (26%). Especially users who have already financed or leased their current car would choose financing options again for their next vehicle. Direct purchasers in Germany and the US tend to purchase their next car again directly, as well. In China, direct purchasers are showing greater openness to different financing options: the willingness to switch from a directly purchased car to financing or a car subscription is most significant here. Thus, 48% and 51% of Chinese respondents respectively would very likely or even definitely switch to financing or a subscription model for their next car. In Germany, this willingness is currently still low at 18% (financing) and 21% (car subscription) respectively.

While the choice for a financial service provider in Germany and the US depends on the terms and conditions in particular, Chinese respondents attach even greater importance to receive all vehicle-related services from a single source by a single provider. Trust in the provider is a decisive factor in Germany, US and China when choosing a financial service provider. The manufacturers’ financial service providers thus have a significant influence on brand loyalty: for almost half of the study participants (45%), the services provided by the financial service providers play a significant or very significant role in their considerations to choose a brand again.

Financial service providers also contribute to further economically positive effects for manufacturers: in contrast to direct purchases, the majority of respondents in all three countries opt for more optional extras when financing or leasing a vehicle (62%) as well as for a new car instead of a used one (56%). Additionally, financing or leasing contracts lead to the purchase of additional services, particularly in China (GER: 44%, US: 45%, CN: 66%). Car insurance is popular in Germany and China, as are extended warranties in the US.