by Gabrielle DeSantis

While electric and hybrid vehicles have been all the rage recently, fully autonomous cars have seemingly taken a backseat in the popularity contest. Of course, the thought of getting into a car that drives itself can be downright nerve-wracking as is the thought of sharing the road with a driver-less car. However, Car Gurus recently conducted a survey and revealed that many consumers are excited about autonomous cars and even one day hope to own one.

The public has warmed up to autonomous vehicles over time

CarGurus recently surveyed 1,247 automobile owners all over the U.S to gauge their interest in autonomous vehicles (AVs) and driver-assist features. Interestingly, the survey revealed that many people are getting more excited about AVs, but they still feel more comfortable piloting their own cars.

According to the study, 33% of the participants said that they are “excited” about the development of AVs – up from 21% just three years ago – while 31% of them are “still concerned.” Apparently, we’re still at a day and age where the thought of giving up driving controls is a little taboo, as is the thought of sharing the roads with driver-less trucks and fleet vehicles. However, the public’s comfort level could change over time.

May consumers expect to own an autonomous vehicle in the next decade

Despite any current apprehension when it comes to AVs, many consumers think they might actually own one in the next decade. The CarGurus survey showed that 18% of the participants surveyed said they can see themselves owning an AV in the next five years and 34% said that 10 years seems more fitting.

But for every “yes” there’s always a “no.” Many of those surveyed were excited about the fact that autonomous vehicles are a huge leap in technology, but even more of them were concerned about relying on them for safety. Additionally, 31% of the participants don’t think that the technology is ready yet, while 43% are worried about who will be responsible in the case that something goes wrong with the car. Hopefully, all of those bugs and caveats will be worked out in the coming years.

The public still sees various benefits when it comes to AVs

Whether or not the public has its arms wide open when it comes to completely adopting AVs as primary modes of transportation is key. But what’s as equally important is how the public imagines using these autonomous vehicles. The CarGurus study showed that 56% of those surveyed were most excited about the car being to drive them home safely when they’re unable to, followed by the ability for the car to park itself.

When it comes to automakers, most of the participants said they would trust Tesla to build autonomous vehicles, however, nearly 20% of them said they wouldn’t trust anyone. Surprisingly, 8% of them said they would trust Apple to build AVs, despite the fact that the computer company has yet to make an automobile.

Ultimately, the public’s current distrust when it comes to autonomous vehicles mostly stems from the thought of the technology being “too new.” We can definitely understand that, but we wouldn’t be too surprised if the popularity of AVs starts to pick up in the coming years.

RELATED: Why You Shouldn’t Expect Autonomous Vehicles Any Time Soon

The post Many Car Shoppers Hope to Own an Autonomous Car in the Next Decade Says CarGurus appeared first on MotorBiscuit.

by Gabrielle DeSantis

After the onset of the coronavirus (COVID-19) pandemic and supply chain interruptions, the auto industry has seen extreme shifts. Used car prices have hit historic highs, which means trade-ins are more valuable than ever. Unsurprisingly, SUVs and crossovers top the list of the highest trade-in values.

Supply is down and demand is up meaning high trade-in values

The automotive market has drastically changed over the last year. Supplies of new vehicles have been slowly dwindling in the face of supply chain interruptions and shortages. This has driven pricing up across all markets.

This trend represents a sudden and unexpected reversal from the previous years, which saw near-record surges in inventory. In 2019, dealerships were struggling to house more than 4,000,000 unsold cars. Overflow lots piled up with unsold units.

The 2019 inventory surge was surpassed only by one triggered in 2007. The American recession caused a historic dip in car sales, and inventory piled up. In an interesting divergence, current low inventories coincide with a period of increased buying, driving demand and value even higher.

These cars are holding their value better than the rest

There are some clear market leaders when it comes to trade-in/resale value. American brands top the list of cars with the best value retention over the last three years. Trucks and SUVs have held their value better than other segments, in part because of their popularity.

The GMC Canyon holds its value well for a midsize pickup truck. It’s not as well-selling as the F-150 but holds its value a bit better. The price point and capability of the Canyon make it a practical choice in its class. The Dodge Challenger’s popularity means it depreciates little.

Off-road capable vehicles pull in high trade-in values. The Jeep Wrangler stands out among rugged SUVs for its high-value retention. The record-breaking Kia Telluride is another high-value model in this segment. The Subaru Crosstreck, Forester, and Outback all boast low depreciation rates.

Some popular models haven’t retained much value

For years the Nissan Leaf dominated EV sales through the end of 2019. In Hawaii, the Leaf represents more than 60% of all EV sales. Despite its staying power in the segment, the Nissan Leaf suffers from poor resale value. Edmunds cites poor resale and trade-in values as a con of EV ownership.

BMW X3 is the only crossover to make the top 10 worst trade-in values. The crossover segment is the second fastest-growing in the industry behind EVs. The popularity of crossovers makes them easy to resell and makes for higher trade-in values.

Luxury sedans have taken the worst hit to value retention. Of the 10 lowest trade-in values today, nine represent this segment. Sedans have been steeply declining in popularity for years. Many automakers have limited or ceased production of anything smaller than a crossover in response to these sales trends.

At the end of the day, trade-in value represents a car’s overall appeal on the previously owned market. Practicality, popularity, and price all affect how well a car will sell to a second owner. With demands high and supplies low, trade-ins are worth more than ever and sell in record time.

RELATED: Wait, What? Now Used Car Prices Are More Than New Ones

The post The Real Reason These Cars Make for Amazing Trade-in Values appeared first on MotorBiscuit.