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In this study, we explicitly modeled how individuals’ perceptions of automated vehicle (AV) safety and the importance they place on car ownership affect mode choices involving conventional and automated vehicles in the context of privately owned cars and ridehailing services. We adopted psychometric questions to capture these two latent variables and designed a stated preference survey based on the participants’ actual travel patterns. Then, we quantified the impact of these latent variables on mode choices using an integrated choice and latent variable (ICLV) model. We found that both latent variables have a statistically significant effect on mode choices. The results show that car ownership importance has the most potent effect on privately owned cars (conventional car and self-driving car), followed by driverless ridehailing and conventional ridehailing. We also found that changes in safety perception are …