Survey Reveals That Drivers are Ready to Pay Extra for Driverless Cars

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【Summary】A survey of 5,000 drivers found that consumers are willing to pay an extra $780 for autonomous technology.

Original Vineeth Joel Patel    Aug 12, 2017 8:30 AM PT
Survey Reveals That Drivers are Ready to Pay Extra for Driverless Cars

Autonomous cars may be coming out in the near future, but there's one major thing that companies are looking over, and that deals with the price of self-driving cars. In a recent interview, Austin Russell, CEO of Luminar, a LiDAR startup in Silicon Valley, Calif., stated that fully-autonomous vehicles will cost somewhere between $300,000 to $400,000 apiece. A similar issue can be seen with semi-autonomous vehicles that already out on the road. 

The Tesla Model S P 75, which is a Level 2 driverless car, starts at $69,500. And the new 2018 Audi A8 that has Level 3 self-driving tech costs $84,500. With the average price of a new car starting at approximately $33,000, vehicles with self-driving technology are clearly much more expensive than regular automobiles. 

Autonomous Cars Are Worth The Extra Money

According to a report by CNBC, drivers in the United States are willing to pay extra for autonomous vehicles. In a survey that questioned 5,000 vehicle owners around the world, and found that some would pay upwards of $1,000 extra for the technology. 

"There is a large subset of consumers who are willing to pay for full autonomous features demonstrating that consumers see this more as a value-add rather than a necessary safety component, at least for now," said Colin Bird, senior automotive technology analyst for IHS Markit. 

While drivers are willing to pay approximately $1,000 more for self-driving tech, the price to add driverless technology is much, much more. As CNBC points out, adding Tesla's Enhanced Autopilot system to one of the automaker's vehicles costs an extra $5,000, while Full Self-Driving Capability is an extra $3,000. For an extra $8,000, Tesla will sell one of its vehicles with autonomous capabilities. But that's a lot more than $1,000. 

The situation is the same, but a little better with other vehicles. As the outlet claims, Cadillac will fit its Super Cruise technology on the automaker's CT6 sedan for drivers willing to pay an extra $2,500. Super Cruise is similar to Tesla's Autopilot system and is capable of taking control of the vehicle on highways, maintaining the vehicle's position and speed. 

How Much Are Drivers Willing To Pay?

Prices are expected to decrease overtime, as more automakers and tech companies roll out with more driverless vehicles. But early adopters will have to shell out more money, as the tech is quite costly at the moment. Exactly how much are drivers willing to pay for the tech?

According to the outlet, IHS Markit claims that buyers in the U.S. are willing to shell out an extra $780 for fully-autonomous vehicles. On the other hand, drivers in Germany would pay an extra $1,016, while surveyors in China are willing to pay an extra $555. 

While HIS Markit's survey reveals that U.S. drivers are ready to pay more money for driverless cars, it shows that they are way off on how much it will cost. The survey also revealed that half of the drivers in the country want fully-autonomous capabilities on their next vehicle. 

U.S. drivers are willing to pay extra for self-driving cars, which is good news. The bad news, though, is that they're not ready to pay enough for the tech at the moment. 

via: CNBC

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