Millions of car owners making mistake as expert says ‘ they don’t see it’

Experts are warning second-hand car owners could be missing out on a big payday because they don't realise the value of their vehicles, according to experts. Alex Buttle, co-founder of used car marketplace Motorway, said many drivers "don't see their car as an asset". This means millions of people might not know how much their car is worth and could be sitting on a small fortune.

A recent survey by Motorway found that around 2.6 million Brits have a spare car that's been sitting unused for over a year. The study also discovered that 30 percent of households have at least two cars parked on their driveway. Shockingly, 75 percent of Brits (that's 37 million drivers) wrongly believe their car will always lose value.

This could stop people from cashing in on one of their most valuable assets during the current cost of living crisis. Alex explained: "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.", reports the Express [2].

Another poll by the Motor Ombudsman found that saving money is a top priority for second-hand car owners. A huge 58 percent of people say the main reason they buy a used car is to save money. Inchcape, who know a lot about used cars, say that cars usually lose more than half their value in the first three years.

But they also say it's not just about how old the car is. Things like how many miles it has done and what condition it's in are important too. They've told us that the price a car goes down by can change depending on things like how much it's been used and if it's been looked after.

Just this week, AutoTrader, which is a big website for buying and selling used cars, said the market for these cars is looking good as we get closer to spring.

Richard Walker from AutoTrader, who looks at all the numbers and information, says there are "promising signs" that things are getting a bit easier for people buying used cars.

He mentioned: "Across the market overall, although we're seeing signs of used car prices stabilising, they've softened over the last few months, largely fuelled by trends in the wholesale market and a gradual easing in supply constraints."

References

^ Savvy travellers could bag two holidays in one (www.birminghammail.co.uk)
^ the Express (www.express.co.uk)