Sports cars less of status symbol

With daily updates on the progress of self-driving vehicles and their imminent takeover of the automotive industry, many drivers are wondering how this new trend will play out. Though technology has certainly advanced considerably in the field of autonomous driving, significant hurdles are yet to be overcome before these cars become available to the masses.

But once they do, what will the auto industry look like? That's a question that prompted Business Insider to note sports cars could soon take a back seat to the newest car on the block.

Sports car brands like Ferrari and Lamborghini have long been a favorite of wealthier, speed-minded drivers due to the cars' penchant for acceleration and sleek design. More than just a vehicle, high-end sports cars are status symbols that only an exclusive few can attest to own.

With self-driving cars, however, sports cars may no longer be a hot commodity.

Autonomous vehicles will change the way drivers interact with their cars, creating an entirely new way of travel across the world. These cars will be vastly more advanced than sports cars and will likely be accompanied with an even higher price tag - making self-driving cars the new gold standard for car enthusiasts.

Changes coming soon
Business Insider indicated self-driving vehicles could hit public roads as soon as 2018, with investors already pouring millions of dollars into test runs and securing the proper state approvals.

However, with driverless cars creating an even higher ceiling for the automotive market, total prices could inevitably shift upward. This trend has been seen quite evidently in the used car market, where prices have increased considerably since the end of the recession, according to USA Today.

With a brighter economic future, drivers are willing to open up their pocketbooks a little wider and purchase pricier vehicles. Once these cars are replaced with newer models, they typically sit on used car lots. And though drivers are looking to score a good deal on a used car, they're also wanting to find recent models - even if they have to pay more.

TrueCar data showed new car prices jumped 1.9 percent in 2014, while used car prices increased more than 5 percent, according to USA Today.

As a new wave of cars equipped with advanced technology hits the market in the coming years, every aspect of the industry will be altered, including sports cars and used vehicles. This means drivers will have to settle on price ranges that fit their budgets.

To save money, drivers can retool their auto insurance plans to see if they are eligible for discounts.

CoverHound can help drivers find quotes online.

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