Focus on car costs: Germans unsettled by rising prices

Focus on car costs: Germans unsettled by rising prices

The costs of car ownership are increasingly placing a burden on consumers, as shown by the 2024 Automobile Barometer from Consors Finanz. 86 percent of Germans have complained about rising gasoline costs, while 66 percent have observed higher new car prices. The uncertainty surrounding future cost developments causes many consumers to perceive buying a car as a financial risk.

A survey showed that 34 percent of Germans currently believe they cannot afford a new car. Financial concerns, particularly regarding gasoline and electricity costs, influence the purchasing decisions of many potential car buyers. What makes matters worse is that 35 percent of those surveyed in Germany and worldwide currently do not have the purchasing power to make a purchase.

The federal government's decision to cancel state subsidies for the purchase of electric cars is increasing financial uncertainty among consumers. A total of 70 percent of Germans consider government subsidies for electric cars to be essential. In addition to government support, consumers also expect increased responsibility from the auto industry to produce cheaper vehicles.

In order to offer consumers more security in this uncertain situation, Consors Finanz is developing new holistic solutions together with BNP Paribas. This is intended to give customers better orientation when buying a car, regardless of their financial situation.

The study was conducted by Harris Interactive in 16 countries and included over 15,000 respondents aged 18 to 65. Consors Finanz is a leading provider of consumer loans in Germany and Austria and relies on flexible financing and insurance solutions to promote the financial self-determination of customers.