New online tool enables car owners to check and track the value of their car over time
Motorway, the UK’s fastest-growing used car marketplace, has launched an online tool which allows car and van owners to track the value of their vehicle.
The Car Value Tracker uses millions of vehicle value data points gathered by Motorway to generate an up-to-date valuation for any vehicle, along with 24 months of historic pricing. Motorists can also opt-in to receive monthly updates to track their vehicle’s value over time.
This new tool, the first of its kind in the market, gives car owners the confidence needed to pinpoint the right time to sell, by tracking how their car depreciates and appreciates according to market trends.
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.
How it works
Using advanced data science techniques, the Car Value Tracker leverages historic data from thousands of similar cars that have sold through the Motorway platform, and hundreds of thousands of bids from dealers, to model each individual car’s valuation history. Car owners will be presented with an interactive graph showing their car’s value today and how it has depreciated – or appreciated – over the previous 24 months. If the car owner has valued their vehicle on Motorway in the past, those valuations are also included on the graph.
Key features:
- A free, up-to-date valuation for any car or van
- An interactive graph with 24 months of historic pricing data, showing how a vehicle’s value has changed over time
- Opportunity to sign up for monthly email alerts, to keep up-to-date with the vehicle’s value
- Ability to value and track multiple vehicles (perfect for multi car households!)
Harry Jones, Co-founder and Chief Product Officer at Motorway said: “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.”
To track the value of your car, visit motorway.co.uk/car-value-tracker.