11:55 am, January 12, 2023
Used car owners will now be able to keep track of the fluctuating values of their vehicle thanks to a new tracker.
Used car prices have been on a rollercoaster ride in recent years with values rising more than 30 per cent before they started to fall again in the last few months.
Motorway has now launched a clever Car Value Tracker on its website that lets used car owners generate up to date values for their cars.
The tool gives used car pricing for the model for the last 24 months so owners can see how much their cars have risen or fallen in value.
The interactive graph shows historic pricing and how the values have changed.
Used car owners can sign up for monthly alerts to keep up to date with their car’s value. There’s even the ability to track multiple vehicles for households that have more than one car.
Motorway said: ‘Previously, car depreciation almost always followed a downward trend but, over the past two years, the industry has experienced unprecedented changes.
‘Global supply chain shortages, a slow down in new car production and a rapidly changing economy have resulted in used cars holding their value at a better rate – and sometimes even going up in value.
‘Due to these changes, it’s now more important than ever for car owners to track the value of vehicles.’
The valuations tool is likely to help boost Motorway’s numbers as consumers can work out when’s a good time to cash in on their car’s valuation by selling it on the platform.
Motorway co-founder and CEO Tom Leathes praised his team on LinkedIn for ‘delivering an amazing version one’ of the tool and hinted there was ‘lots more coming soon’.
He wrote: ‘We have lots of great tools to track the live value of property, shares, pensions, crypto and more. It’s time cars had the definitive valuation tracker.
‘Along with tracking the historic value of your specific car for the past two years and signing up for monthly valuation alerts, you can also see recent sales on Motorway for cars just like yours, and what they sold for.’
Harry Jones, co-founder and chief product officer at Motorway added: ‘At Motorway, we connect car owners with our nationwide network of dealers, to help them get a great price for their car.
‘The Car Value Tracker is an exciting innovation, leveraging our extensive data and automotive knowledge to help car owners keep tabs on the value of their vehicles over time, and make confident decisions about selling their car, when the time is right.’
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