There are many huge benefits of self-driving cars. Some are obvious to see today and predict, but many are easy to overlook. That’s why I’m sharing this list of benefits you’ll see in the years ahead.
I started researching this topic close to 10 years ago. And at that time, I predicted it’d take close to 30 years for self-driving cars to take over the roads. Or more specifically, the majority of cars on the road will be self-driving.
This was much longer than many others were predicting. However, I still stand by this timeline today. The average lifespan of a car is around 12 years. Once self-driving cars meet consumer and regulatory requirements, it’ll take many years to replace the existing fleet on the roads.
To start out, let’s jump into the list of advantages. Then below that, you’ll find more insight into the future of autonomous cars.
Pros of Self-Driving Cars
1. Self-Driving Cars will Save 1.3 Million Lives Each Year
Each year, there are around 1.3 million deaths globally from vehicle crashes. The main cause is human error and self-driving cars will prevent many of these fatal errors. Your car’s computer won’t be distracted with eating or talking on the phone. Mothers against drunk driving (MADD) are also big fans of driving automation.
2. Reduce Animal Road Kill
There are roughly 1.8 million animal-vehicle collisions reported in the U.S. each year. But this will drop thanks to self-driving cars. They come equipped with sensors that can see more than the human eye. At night, your car could detect and react to a deer moving on the side of the road before you realize it’s there.
3. Boost Commuting and Travel Productivity
In the U.S. the average commute time is around 25 minutes. Self-driving cars will free up that time. You can get a jumpstart on the workday or other tasks during your commute. And already, advanced driver assistance is a less exhausting way to travel. After a long day on the road, I’m less tired thanks to Tesla’s autopilot features.
4. Self-Driving Cars Reduce Stress
Road rage is unsafe for drivers and the stress has a negative impact on your health. One study found that the longer the commute, the higher the person’s blood pressure and body mass index. Self-driving cars will help reduce stress.
5. Automate Parallel Parking
This is the most failed part of driving tests. It’s a challenging task but computers are already doing it better without fender benders.
6. Eliminate Honking Noise
As road rage disappears, honking will fade away. Self-driving cars won’t need to have a horn. The cars will already communicate with each other silently. Although, regulators will still likely require noise to alert people outside the cars.
7. Automation Lowers Travel Costs
All these self-driving car benefits have a common theme. They can save you money. As an investor, I’m excited for technologies that improve our lives. There are many great investing opportunities.
8. Disrupt Car Insurance Industry
Automation will lower insurance costs for drivers. According to KPMG, the auto insurance sector will shrink by more than 70% ($137 billion) by 2050. In the not distant future, we’ll be leaving our mandatory car insurance payments in the dust.
9. Self-Driving Eliminates Speeding Tickets
Self-driving cars will be safer for many reasons. You might not be able to speed unless you’re in an emergency. As a result, you won’t give cops the option to hand you a speeding ticket.
10. Improve Traffic Flow and Reduce Traffic Jams
Communication is key, and computers continue to get better. We’re connecting more devices through the internet and reducing latency. Self-driving cars will be able to draft each other, and we won’t need stoplights anymore. Swarm technologies will unlock many benefits.
11. Lower Emissions from Driving
Self-driving cars will bring new efficiency to our roads. As a result, we’ll use less energy. The growth in automation is helping electric vehicles replace gas guzzlers.
12. Self-Driving Cars Open Up Garage Space
A garage takes up a good chunk of the total square footage in a home. And in tightly packed communities that’s valuable space. Self-driving cars won’t need a garage that’s connected to your home. You can send your car to a tightly packed, secure community garage.
13. Give Driving Freedom Back to Elderly
As people age, they lose their ability to drive. This is a big setback for many people, but it leads to another self-driving car benefit. The future cars can give some freedom back to elderly people.
14. Automate Fuel Charging
You won’t have to wait at the pump anymore. You will be able to automate charging at home or you can send your car to charge itself.
15. Self-Driving Cars Reduce Need for Drivers License
Self-driving will come with simple spoken commands or taps on your smart devices. You won’t need any costly training. Parents will also be able to apply parental control settings to provide a safer experience for their kids that call rides. We’re already seeing Uber and other companies building these features.
16. Automate Software Updates and Maintenance
You won’t have to take your car into the shop as often or at all. Most times it will be able to drive itself in. Also, your car will be able to automatically update its software overnight. While living in a Tesla Model Y, this has been a great feature.
17. Lower Big Upfront Costs of Driving
A car is the second most expensive asset people buy (buying a home comes in first). But with car automation replacing drivers, costs will come down. More people will have access to the lower cost rides.
There you have it. Those are huge benefits of self-driving cars. Although, how far are we from realizing these benefits? Here’s a realistic timeline to check out: Fully Self-Driving Car Predictions.
Why Self-Driving Cars are Good
With the list above, you can see that self-driving cars are good for many reasons. The new automation will save lives, money, and resources. It’s a future I’m looking forward to. And one likely outcome is that car ownership will continue to decline.
The average household vehicle ownership peaked in 2006 at 2.05. This number drops as people move towards cities. On top of that, ride sharing like Uber and more efficient rentals have pushed down ownership.
The average annual cost of owning a car comes in at around $12,000. This includes loan payments, insurance, etc. Yet, cars sit around doing nothing for more than 90% of their lives. Self-driving cars will further improve the use of cars. Ride sharing costs will come down with automation and fewer people will need to own cars.
Self-driving cars are good for many reasons. However, some of these benefits of self-driving cars can be downsides as well. For a better understanding of the impact of new technology, check out the cons of self-driving cars. And if any questions come up, feel free to comment on any of my YouTube videos. You can always reach out directly as well.