There’s no question autonomous vehicle technology is still in its infancy, which means that overall awareness of it with the buying public is still vague. Nonetheless, a new study has emerged to gauge demand and basically the price elasticity of autonomous vehicle technology.
The study, uncovered by CNet, paneled over 1,200 participants and questioned them about two classifications of autonomous technology. The first classification is semi-autonomous technology; basically the advanced safety features that many vehicles are equipped with today, such as lane-keeping systems and automatic braking. The second classification is completely autonomous technology, which has not yet hit the market beyond test pools of vehicles in certain states.
Like most studies, the results of this one are lengthy and detail various demand levels for both partial and total autonomous vehicles. Those interested in the details should read the study, but the gist is that participants suggested they would be willing to pay up to $3,500 for partial autonomous vehicle technology. Subsequently, they’d be willing to fork over $4,900 for totally autonomous technology.
Now, the study cautions that the newness of autonomous technology is likely swaying the results a bit. Likewise, the study notes that responses relating to price varied widely among the 1,260 participants.
Fortunately for all buyers, many automakers are starting to make the “semi autonomous” safety technology standard or very low-cost options. All new vehicles will have to feature automatic emergency braking as standard equipment by 2022, per federal regulation.
What amount would you pay for an fully-autonomous vehicle?