Cash on the drive: 4.2m Brit have excess cars sitting on their driveway, research from Motorway reveals

The ever-escalating concerns surrounding car insurance costs, coupled with the ongoing cost-of-living crisis, are placing immense financial strain on UK motorists. In the past year alone, the average price of a car insurance police is up a whopping 61%, according to Consumer Intelligence. In light of these increasing premiums, a new study from Motorway – the UK’s fastest-growing used-car marketplace – has revealed that over 4.2 million Brits have an excess car they do not use sitting on their driveway, whilst revealing that more than half of Brits (52%) are unaware of the untapped financial value they have lying dormant at home. Motorway’s national study revealed that vehicles, aside from property, are the most valuable asset for 9.1 million Brits.

There are of course many reasons for the increasing value of insurance premiums, with the cost-of-living coinciding with an increase to the cost of claims, due to rises in the cost of parts and mechanics. In the case that 4.2 million Brits are paying expensive premiums on cars that are sat idle on driveways, the used-car marketplace is championing the nation to better understand the value of their vehicles in order to make informed decisions on when is the right time to sell their car.

Motorway’s research has also shown that 41% of Brits have no idea how much their car is worth, highlighting the opportunities the nation is missing out on, by not investigating the true value of their car before selling.

Key stats:
14% of Brits have an excess car they don’t use sitting on their driveway
41% of Brits don’t know how much their car is worth
52% of Brits believe that their car will always go down in value
11% of Brits have sold their car to help with the rising cost of living

In light of this, Motorway has unveiled their free Car Value Tracker, an innovative tool allowing motorists to see the most accurate value of their car at present and over the past two years, giving the power back to consumers when determining the right time to sell.

Through the help of machine learning and data science, the Car Value Tracker leverages historic data from thousands of similar cars that have been 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.

Alex Buttle, co-founder of Motorway, comments, “For many people, their car is one of their most valuable assets. However, our research shows that too many car owners still don’t see their car as an asset and as such, are unaware of the value of their car or how it depreciates over time. We’ve created the Car Value Tracker to help our customers keep track of their car’s value and to empower them with the knowledge they need to sell their car at the right time.”