Whether you’re tracking property values or reselling items online, smart technology is making it increasingly easier and rewarding to track the value of items you own.
Motorway recently found that 41 percent of vehicle owners don’t know the value of their vehicle. Car values change all the time, so people need specialized tools to track them.
This becomes evident when people sell a car. Some sellers put their car on the market without checking its value, which means they may not get the best price for such a valuable asset.
That’s why Motorway created its practical Car value tracking tool. It allows car owners to view monthly price movements and track the current value of up to six vehicles at a time, all for free.
Motorway is the fastest growing used car marketplace in the UK. The company helps people sell their cars quickly and easily, with its network of more than 5,000 verified car dealers competing to offer the best price for sellers’ cars.
By registering with Motorway, you can sell your car at a great price in just 24 hours. You can carry out the entire sales process without leaving home, and they will even pick up the car for free.
How to value your car
Car Value Tracker It is free to use at highway.co.uk. Using Motorway’s smart technology, the tracker tells you the value of your vehicle over time, giving you up to 24 months of price history plotted on a graph.
You will be able to see how the value of your car changes, whether it depreciates, maintains value, or even increases. You can check your car’s value anywhere on the highway and sign up for monthly email alerts.
To use Car Value Tracker, simply create a free Motorway account and enter your registration and mileage for a live valuation. An interactive map will then show the car’s last valuation and a graph will show the historical valuations as well as their overall change over two years (e.g. -2.23%). You can turn on (or off) monthly alerts that remind you to confirm your mileage for an updated rating.
When you scroll below the price graph, you’ll see vehicles similar to yours that recently sold at Motorway, at the prices they achieved. Furthermore, the dynamics Car Value Tracker The website shows whether or not your vehicle complies with UK clean air zones, such as ULEZ in Greater London. Motorway even shares the number of dealer offers from the last month on which its current valuation was based, for complete transparency and confidence in the numbers.
Why do car values change?
All cars depreciate at variable rates. As demand changes, so does the rate of change in value.
And sometimes things go in the other direction. In 2021, due to the pandemic and lack of supply of new cars, many popular models rose in price year after year.
While some details like condition, mileage, and new car availability can be fairly easy to predict, it’s nearly impossible to estimate the value of your car each year using this information alone.
It’s helpful to understand what affects your car’s value, but even more helpful to visualize how that price changes over time, from month to month.
Motorway’s Car Value Tracker is the first product of its kind that uses advanced data science techniques to analyze data from thousands of cars that have been sold through the Motorway platform. It also uses hundreds of thousands of dealer offers to model the valuation history of each individual car.
What happens if a car is financed?
When a vehicle’s valuation is higher than the remaining balance due, typically at least three or four years into the contract, this could be a good time to sell a vehicle with outstanding financing, also known as positive equity.
If a seller has positive equity, they can sell their car to a Motorway verified dealer. The dealer will settle the outstanding balance directly with the lender and pay the excess directly into your bank account.
Vehicle owners can now find the perfect time to sell. You have the possibility of tracking the value of your financed car or van on the highway Car Value Trackerand monitor their financial settlement as they pay off debt.
Motorway’s exclusive, free tool gives people a greater understanding of their car as a financial asset and helps car owners get the most out of their money.
