The evolution of the vehicle is in direct correlation with the evolution of the consumer. Since the early 2000s and the economic slide, consumers are less likely to buy a newer vehicle. Instead of buying a vehicle every few years, consumers now will buy and hold onto their vehicle for a solid 5-6 years before they even consider trading up. With this change, the automotive industry has had to adjust, and this means they had to add more features to lure buyers, they also have designed better fuel economy, and engine components that last longer.
The biggest change that many vehicles have gone through in the past decade is technology. Now vehicles open without a key, vehicles will start without a key, vehicles will respond based on voice recognition. They come standard with display screens, and other gadgetry. Comforts have improved greatly, and the vehicles overall performance has improved.
Vehicles also now feature standard safety features such as; back up or rearview cameras, sensors that detect lane departure, blind spots and assist in making sure your driving experience is safer. Now there are even vehicles being created that park themselves, and in some cases can drive themselves.
The past ten years may have shown that drivers are a bit more patient when looking to buy a new vehicle, but it is a good argument to make that the next ten years could very well be a huge buyer market once again with all these helpful tech and gadgetry. Not just that, drivers want vehicles that will be safe, will last longer, but also have great MPG. It will be exciting to see where the next ten years in the automotive industry will take us.
Source: Arrigo FIAT of Sawgrass