The automobile was initially created to make travel convenient and easy. Initially, it was all about engines and other mechanical parts, but the addition of technology in the car worked like the addition of spices to it. If you go for a new vehicle, you not only compare its specification, but you also look for the latest technologies it has been embellished with, as it makes our ride more comfortable and exciting.
In recent years technology is the point on which the automobiles companies have been competing on, and technology has led the automobile market into the transition from the introduction of the electric vehicle to the concept of an autonomous vehicle. A new trend has hit the automobile market, in which technology is used to make car luxurious following which cars are loaded with an automatic parking feature, seat massage, sensors, cameras, an infotainment system that can provide all types of entertainment and many more but under the shine of these flourishing technologies the point that these technologies can take price of car to the next level.
NADA (National Automobile Dealers Association) an organisation keeping an eye on dealership operations and vehicle sales, including taxes, trade agreements, automobile and highway safety, and environmental regulations but it has come up with new concerns about the affordability of new cars. According to NADA, new technologies are adding to the burden of the customer’s and gratuitous add-ons are helping put sticker prices out of reach. The current technology trend, which is ruling the market is electric cars. However, here also, technology is taking it out of the range of customers; the cost of electric vehicles still exceeds the average vehicle price. The Tesla Model 3, which is the region’s top-selling BEV, was 21% more expensive than the average vehicle price. At $47,467/unit, the midsize from Tesla was even more costly than trucks and SUVs ($36,797) and also according to surveys, the cost of self-driving cars will be the most significant barrier to their adoption. What’s worse is the technology that makes new cars so expensive, in part, also costs twice as much to repair as a car without that technology.
The solution to the problem can be that the technology, some of it is safety-related that we need, but the other, optional technology that adds on to cost can be skipped. Dealerships can help by stocking cars at a variety of trim levels to cater to budget-conscious consumers while the latest features may tempt customers but sacrificing some add-ons can make the car fit their budget.