Would You Pay $4,900 for Autonomous Car Tech?

Would You Pay $4,900 for Autonomous Car Tech?

e’ve seen plenty of studies indicating how many people would consider autonomous cars, but we’ve yet to find out the price people are willing to pay for them. Now, a new study claims customers are willing to shell out quite a bit.

Researchers at Cornell University found that the average household is willing to pay around $3,500 for partially autonomous technology and $4,900 for full automation. Demand for autonomous cars among the survey respondents was split evenly between high, modest, and none at all. A “significant share of the sample” reported a willingness to pay more than $10,000 for full automation, while others weren’t willing to pay a cent, the study notes. But the researchers suggest that these wide variations could decrease over time as the technology matures and consumers become more knowledgeable of the costs and benefits associated with driverless cars.

To gather this data, researchers surveyed a total of 1,260 adults with a driver’s license between September 12, 2014 and October 2, 2014. Considering that was quite a long time ago, we wonder if some opinions have changed with the rapid pace of technology. Click here for the full report.

Other studies suggest that many people fear self-driving cars but want to embrace automation in some way. A recent AAA report noted that three-quarters of Americans are afraid to ride in self-driving cars, although 59 percent of drivers want autonomous technologies in their next vehicle.

Source: Transportation Research via Fortune

An electric car is an automobile that is propelled by one or more electric motors, using electrical energy stored in rechargeable batteries or another energy storage device. Electric motors give electric cars instant torque, creating strong and smooth acceleration. They are also around three times as efficient as cars with an internal combustion engine. The first practical electric cars were produced in the 1880s.Electric cars were popular in the late 19th century and early 20th century, until advances in internal combustion engines, electric starters in particular, and mass production of cheaper gasoline vehicles led to a decline in the use of electric drive vehicles.

Since 2008, a renaissance in electric vehicle manufacturing has occurred due to advances in batteries and energy management, concerns about increasing oil prices, and the need to reduce greenhouse gas emissions. Several national and local governments have established tax credits, subsidies, and other incentives to promote the introduction and now adoption in the mass market of new electric vehicles depending on battery size and their all-electric range. Electric cars are significantly quieter than conventional internal combustion engine automobiles. They do not emit tailpipe pollutants,giving a large reduction of local air pollution, and, can give a significant reduction in total greenhouse gas and other emissions (dependent on the method used for electricity generation They also provide for independence from foreign oil, which in several countries is cause for concern about vulnerability to oil price volatility and supply disruption.Recharging can take a long time and in many places there is a patchy recharging infrastructure. For long distance driving, many cars support fast charging that can give around 80% charge in half an hour using public rapid chargers.While battery cost is decreasing fairly rapidly, it is still relatively high, and because of this, most electric cars have a more limited range and a somewhat higher purchase cost than conventional vehicles. Drivers can also sometimes suffer from range anxiety- the fear that the batteries will be depleted before reaching their destination.