The electric car: new opportunities for consumption, credit & leasing

Petrol and diesel cars will have to cross-finance the new technology for the foreseeable future. The purchase prices for electric cars are also still comparatively high today. So how do you create incentives to buy? And which leasing and financing models characterize the new market segment?

Every Briton who buys an electric car currently receives the equivalent of 5,800 euros from the state. Under Prime Minister Gordon Brown, the UK made 267 million euros available for electric mobility in 2009. However, only the i-MiEV from Mitsubishi is currently available on the island, but other manufacturers such as Nissan will follow in the coming months.

The purchase of electric cars is also subsidized by the state in other countries, such as France, Spain, Italy and the USA. In Germany, only a five-year exemption from vehicle tax has been agreed so far. The German government provides funding through the "National Platform for Electromobility", but this is primarily used for research and development. A study by the Gesellschaft für Konsumforschung (GfK) shows that German consumers want something different. According to the study, the majority of Germans believe that government bonuses are essential to boost the sale of electric cars. Only 30 percent do not believe in the benefits of such purchase incentives.

Purchase still too expensive

Manufacturers are also increasing the pressure on Merkel. A few days ago, for example, Daimler CEO Dieter Zetsche complained in Wirtschaftswoche that customers' desire to buy and their purchasing power would not be sufficient to cover the high costs. If a recent survey by TÜV Rheinland is correct, there is no lack of desire: 54 of those surveyed could imagine making a purchase in the next five years. Many already know the brand: almost 25 percent would go to a VW dealer, followed by Toyota (15 percent), BMW, Mercedes and Opel (8.1 percent each). The greatest willingness to buy is among drivers in the upper middle and luxury classes - this could also be where the necessary purchasing power is available. However, both car manufacturers and consumers agree that there is no way around state aid for private buyers.

And so today it is mainly fleet operators and public authorities that are helping the young market to take off. They are ordering electric cars from Citroen, Peugeot and Mitsubishi, which are equipped with virtually the same technology thanks to cooperation agreements. However, the financing and leasing models differ. The Citroen C-Zero for 35,165 euros, for example, can be fully financed. The monthly leasing rate is 459 euros. Here, the term is three years with 10,000 kilometers per year. However, a down payment of around 6,700 euros is due. The Mitsubishi i-MiEV costs 34,390 euros, for which there is also a special leasing offer.

Leasing package with Full-Service

The Peugeot iON, on the other hand, is not for sale and, like its competitors, is currently aimed primarily at commercial customers. Its monthly leasing rate is 499 euros, including maintenance costs and battery. The contract runs for five years and 50,000 kilometers. The energy company RWE is currently planning a clever customer loyalty initiative with "e-Drive". It has secured a fleet of the three e-models and wants to offer them to its customers as a complete package with charging infrastructure and a special car tariff for green electricity. RWE is planning 1,000 charging stations by the end of the year.

So even though electric cars are already on German roads, the mass market is still a long way off. Nevertheless, financial service providers will be expanding their range of electric mobility products in the future - for commercial customers, but also for an affluent "green" clientele. They will respond to their needs, for example in fleet operations. And they can cooperate with new sales partners, including electricity companies.