How Vehicle Data is Affecting the Value of Your Car
- April 18, 2017
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Technology is moving so fast and changing so much that we often do not even know how to keep up with it. In fact, the field changes so quickly that we also do not even know that it is changing. Not that we would ever think of it, but one of the changing areas of technology that is really quite interesting is that of the technology of cars. The technology that is in cars has changed more since the turn-of-the-century than it did in three decades preceding that.
One of the most interesting aspects of cars that are about to make certain car incredibly valuable and further drop the value of other cars is vehicle data. Now, this is not talking about information about cars. This is talking about the data that cars can produce. In today’s modern information age, data is king, and information in general is incredibly valuable. Truth be spoken, data and information is more valuable in its own way than many concrete assets are. Just look at Google and Facebook, two virtual entities that are totally free for billions of people to use, yet which each profit billions of dollars from selling data to others.
With the technology that is on cars now, individual cars can actually produce data, and whoever holds the rights to that data will be able to make a fortune. Take for example cars with back up and side cameras. Such cameras can monitor the vehicles position, and that data can be stored. All of this heading in the direction of producing self driving vehicles, we can see that the stored information on the car could become quite valuable.
What This Means for You, the Consumer
The real question at this point is how do you profit from the data that your car produces? The simple answer is that you don’t, or that it will be difficult for you to do so. It is projected that in the 2020s, many car manufacturing companies will sell the data that their cars produce to third-party companies that will process that data. Some car companies will set up systems in which car buyers can become the sole owner of the data that their cars produce, which makes sense.
The direction that this is all heading towards is self driving cars. Self driving cars, to operate, would have to be able to produce a lot of data. The data would be stored and transmitted to servers which would then sell the data to consumers. There is a lot of value in knowing what is around the car, what kind of cars are being driven in the area, how many parking spots are available on any, one street, having a video clip from the cars camera of an accident, etc. The possibilities of companies being able to profit from all of that data are endless.
The take away from this article is that the times are definitely changing. While the profitability of data from cars has not quite yet occurred and is not yet a present time factor, it is not far off. We have to remember to stay vigilant and watchful of this. We have to always remind ourselves to stay on top of things and keep our fingers close on the pulse of society and the changes in technology. At Professional Motor Sales, we want our customers to be totally happy with their car buying experience, and we want them as informed as possible when they are buying their next car. If you have any questions about our data, or if you are interested in buying a new or used car, give us a call at (844)582-6845 and we will be happy to help you.