Self-driving cars will be hitting the market sooner than we think. While the future of how self-driving cars will sell is a mystery, a new study shows that consumers are becoming more accepting of them – especially millennials.
How Accepting Consumers Are of Self-Driving Cars
Autonomous vehicles come in Levels 1 to 5, with five being a vehicle that can perform completely on its own.
In a study conducted by Edmunds, it found that millennials' acceptance of autonomous vehicles has increased over the past five years, especially compared to older generations. Five years ago, 16 percent of millennials surveyed said they'd never buy an autonomous vehicle. Today, 65 percent of millennials said they'd trust a Level 5 autonomous vehicle, and 35 percent said they'd buy a Level 4 vehicle within the next five years if they become available.
Here’s how older generations feel about purchasing autonomous vehicles:
Ages 34 to 44:
- Would buy in less than five years – 33%
- Would buy in five to 10 years – 29%
- Would buy in 10 to 15 years – 11%
- Would buy in 15 to 20 years – 3%
- Would buy in 20 plus years – 4%
- Would never buy – 20%
Ages 45 to 54:
- Would buy in less than five years – 28%
- Would buy in five to 10 years – 22%
- Would buy in 10 to 15 years – 11%
- Would buy in 15 to 20 years – 5%
- Would buy in 20 plus years – 4%
- Would never buy – 30%
Ages 55 to 64:
- Would buy in less than five years – 15%
- Would buy in five to 10 years – 18%
- Would buy in 10 to 15 years – 9%
- Would buy in 15 to 20 years – 5%
- Would buy in 20 plus years – 6%
- Would never buy – 48%
Ages 65 and over:
- Would buy in less than five years – 14%
- Would buy in five to 10 years – 18%
- Would buy in 10 to 15 years – 8%
- Would buy in 15 to 20 years – 5%
- Would buy in 20 plus years – 6%
- Would never buy – 50%
Currently, over 60 percent of new vehicle models can be purchased with Level 1 or Level 2 autonomy. These two levels feature driver assistance systems that allow people to disengage from the steering wheel and/or pedals.
Finding a Car Loan Today
Slowly but surely, self-driving cars will come to market. The technology we currently have is becoming popular among car buyers, but it often comes with a hefty price. At the same time, if you’ve been thinking about getting a newer, high-tech car, but you’re worried about your credit getting in the way, let Auto Credit Express help.
We work with an extensive network of dealers who have the lending resources available to work with credit-challenged consumers. We can point you in the right direction, and it’s easy to get started today. Simply fill out our free, no-obligation auto loan request form.
