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With tools and apps available such as Zoopla to track the value of a property and Monzo to track finances, it’s now easier than ever to manage the value of the items you own. Despite this, 41% of car owners say they don’t know how much their car is worth.

Car values are changing all the time. So whether you’re a proper petrol-head, or just need a decent set of wheels to get from A to B, chances are you’re not sure if your car is going up or down in value. This presents a problem when you’re ready to sell your car: how do you know it’s actually a good time to sell and get your best price?

Most people choose to sell their car before they’ve checked what it’s worth. But that doesn’t get you the best price for one of your most valuable assets. Motorway’s created the answer with its Car Value Tracker, a free online tool to see monthly price movements and track the ongoing value of up to six vehicles at once.

Motorway is the UK’s fastest-growing used-car marketplace, connecting people selling their car directly with their network of more than 5,000 verified car dealers, matching each seller on their platform with the dealer who most wants to buy their car. Motorway helps car owners sell their cars 100% online for a great price in as little as 24 hours, with their car collected from home for free.

Car Value Tracker is Motorway’s latest product innovation, which is free to use on motorway.co.uk. The interactive tool displays your vehicle’s value over time, with up to 24 months of historic pricing plotted on the graph. This allows you to see how your car’s value is changing, whether that means depreciating, holding value, or even rising in price. Check your car’s value at any point, or sign up for monthly value alerts over email.

What’s causing car value to change?

Car values don’t follow a predictable trend. All cars depreciate at varying rates, dropping value slower or quicker from year to year as demand shifts. And it’s not just about depreciation. In fact, due to the pandemic and a lack of new car supply, many popular models actually went up in price year-on-year in 2021. It’s therefore almost impossible to predict the factors that will impact your car’s value every year, although some (mileage, condition, availability of new cars) are much more obvious. It’s useful to understand what impacts your car’s value, but even more important to visualise how that price changes over time, from month to month.

Car Value Tracker is a first-of-its-kind product, using advanced data science techniques to leverage 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.

To use Car Value Tracker, all you have to input is your reg and mileage for a live valuation when you’re logged into your free Motorway account. Your interactive map will display your latest valuation, and a plotted graph with historical valuations, as well as your overall two-year change (e.g. -2.23%). You can turn on or off monthly alerts reminding you to confirm your mileage for an updated valuation.

What if my car is on finance?

The perfect time to sell a car or van with outstanding finance is when the vehicle’s valuation is higher than your remaining balance to pay, normally at least three or four years into contract. This is called being in positive equity. At this point, you can sell your car to a verified dealer with Motorway, who will clear the outstanding balance and pay you the surplus.

By following the dynamic valuation of your financed vehicle on Car Value Tracker, and monitoring your finance payments too, you really can choose the perfect time to sell. This product release from Motorway has changed the way people think about their car as a financial asset, for good.

To track the value of your car, visit

motorway.co.uk/track

PetrolPrices is pleased to announce that we have incorporated a new data source for our market-leading fuel pricing service. Following the Competition and Market Authority’s (CMA) July report on the Road Fuel Market, a new voluntary scheme for fuel retailers to share daily pricing data was set up at the end of August.

PetrolPrices now has over 3,800 petrol stations from the CMA data providing daily price information for unleaded, diesel, super unleaded and premium diesel. The CMA data is in addition to our other supplier, transactional, and user-sourced data. Combined, we offer the best source of publicly available fuel pricing data for UK motorists – all via our free mobile app.

This all comes at a time when prices are rising, and after a small drop during August, crude oil prices are now at a year-high of over $93 a barrel. This increase has already seen the average unleaded prices move through the £1.50 per litre mark, with most regions paying £1.53-£.156 per litre on average. Diesel prices are also up, and motorists can expect to pay £1.57-£1.60 per litre. London and the southeast remain the most expensive areas to fill up in the UK.

This new pricing scheme is currently only voluntary, and as such, not all forecourts are included. However, Asda, Morrisons, Sainsburys, Tesco and Applegreen have all opted in. MFG and Rontec, two of the largest site operators who run sites with a number of different fuel brands, have also opted into the scheme. 

The CMA has said they “recognise the interim scheme is limited and there will sometimes be a delay between the setting of prices, the publication of price data, and the prices being available in third-party apps.”

And they advise that “Customers should always check the price displayed at the forecourt before purchasing road fuel.”

PetrolPrices will continue to work with the relevant governing bodies looking into the UK fuel market to help ensure the pricing data is as comprehensive as possible.

The CMA voluntary scheme prices can be identified in the PetrolPrices app as being those sourced from the Site Owner. We continue to value the input of prices from our users, both as a means of confirming prices and updating prices from those locations not participating in the voluntary scheme.

Cars are becoming too large to park

According to research by the Which? team, parking in the UK is becoming more of a challenge. The size of a standard UK parking space has stayed more or less the same for decades, but cars, especially luxury ones, have got bigger and bigger.

The number of models too big for standard parking spaces has increased by 25 per cent over the past five years, with luxury models from BMW, Mercedes-Benz and Land Rover among the trickiest to park. Which? found that 161 models were now longer than the standard space, which measures 4.8m by 2.4m. A dozen of these exceed the limit by more than 30cm. In 2018, only 129 models were too long.

Width is also a problem, with 27 models too wide to comfortably open their doors in a standard space, defined by Which? as cars giving passengers less than 22cm leeway each side when parked perfectly.

Which cars are the longest?

Which? highlighted three of the worst offenders below. These cars are 13.7 inches (35cm) or longer than the average length of a parking space, with the longest of the bunch – the BMW i7 – topping the charts at more than half a metre bigger.

Audi 8 – 37.2cm too long (the newest  version is 5.18 metres long in total)

Mercedes Benz S-Class Hybrid – 46cm too long (it is 5.25 metres long)

BMW i7 – 59.1cm too long (the newest version is close to 5.4 metres long)

Not only does this risk expensive scratches from other cars, it will also make navigating many UK car parks challenging, as they weren’t designed for cars this long. 

Which cars are too wide?

Which? did not find any cars wider than the average parking space. But they can be too wide to comfortably open the doors. The research highlighted three of the widest cars using the width measurements for the car’s body width only:

Land Rover Discovery,  with the body width measuring 2.073 metres, providing a slim 16.35cm space each side to open doors

Jaguar I-Pace, the all-electric vehicle, measures 2.011 metres, giving you 19.45cm each side to get out.

The BMW X5 is 2.004 metres across, leaving 19.8cm leeway each side in a parking bay.

Natalie Hitchins, the home products and services editor of Which?, said, “Cars are getting larger and larger, and while this might mean a more comfortable driving experience, it could be a problem when it comes to squeezing into a parking space. While some car parks are introducing wider bays it won’t be the case everywhere, and some drivers might struggle getting parked up in certain locations.”

The British Parking Association says multi-storeys are not easily adaptable because rebuilding is too costly. A spokesman added: “A good car park will have the right balance of capacity and efficiency, as cramming in lots of small bays is obviously counter-productive.”

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UK drivers are being warned to check three key things before towing the caravan this holiday season to help keep them safe on the roads and protected from fines and penalties. Caravan insurance comparison experts at Quotezone.co.uk warn holidaymakers to check their licence, vehicle weight and insurance before hitting the road.

There isn’t a special caravan driving licence; however, changes by the DVLA mean not everyone is eligible to pull all loads without sitting additional driving tests – so it’s essential to know and check the caravan’s weight. Most drivers pass with a category B licence and should be eligible to drive a car, a small van, or a motor tricycle and tow another vehicle, such as a caravan, up to a certain weight.

However, drivers need to note the change in what they can pull; as of December 2021, drivers who passed their car driving test from 1st January 1997 are only allowed to tow trailers up to 3,500kg maximum authorised mass (MAM) – less than half the weight (8,250kg) that older drivers can pull, who passed their test before January 1997.*

Caravanners must also check the car’s handbook to find its gross train weight (GTW). This is the total allowable weight of the car, plus the trailer and load. Checking the weight or ‘nose weight’ of a caravan is a vital part of any caravanners preparations. It can be done using a simple, inexpensive noseweight gauge to ensure the caravan is not overloaded.

Overloading the caravan can be very dangerous and cause damage to the tyres and tow bar. Inadequate tyres can lead to a fine of up to £2,500 and up to three penalty points per tyre.

Caravan insurance’s not legally required to cover damages, but it is recommended.

Price comparison expert Lee Evans at Quotezone.co.uk said: “With a soaring number of holidaymakers continuing to staycation in the UK and an ever-increasing rate of caravan thefts due to shortages in the market. It’s important caravanners and their families are protected and do these three simple checks before heading off this summer – check the drivers driving licence, check the vehicle weight and check the insurance policy.

“Many car insurance policies will provide drivers with basic third-party liability cover for towing a touring caravan. However, with 4,000 caravans stolen each year, specific insurance to cover the costs of theft is the best way to ensure they aren’t left out of pocket.**

“Car insurance will also not cover a caravan while it is parked or if it sustains damage. This is why we encourage holidaymakers to take out dedicated caravan insurance – it also protects those who are victim to theft of personal belongings or fire damage.

“Vehicle owners also need to update insurance providers with full and accurate details, failure to do so may render the policy invalid and the holidaymakers unprotected. Caravans are not just a vehicle to many families, they are an escape, a break and a place where memories are made, with the summer just beginning, caravanners need to make sure they are protected.”

Here are Quotezone.co.uk’s top tips to keep caravans safe and help save money:

Storage

If you can park it privately, make it as close to the house as possible and easily visible from your windows – even park your car behind it to pen it in. If parking at a communal caravan park, make sure to remove all valuables or keep them out of sight for anyone who may be able to peer in through the windows; also, choose a reputable park with good access control. You can even ask your insurer for their preferred storage sites for keeping your caravan – this might help reduce the cost of the premium.

Security

Visible security measures are ideal to deter opportunist thieves; wheel locks/clamps, padlocks, hitch locks, window locks, cameras, alarms with warning stickers – anything you can do to delay thieves or put them off is well worth doing. It’s also worth checking if you’re eligible for any reductions on your insurance premium; sometimes, these additional measures can reduce the cost.

Cover up and Keep Track

Use a cover to disguise the caravan’s value and attractiveness from potential thefts. Install a tracker and security mark the caravan with a Vehicle Identification Number (VIN) Chip – to help increase the chances of its safe return should it be stolen.

Breakdowns

It is also important for motorists to review their breakdown cover, as some policies will only cover car breakdowns. This could put unprepared motorists in a difficult position, having to leave their caravan behind and vulnerable in the case of a car emergency.

Abroad

If the caravan is taken abroad, the owner might need to check that the insurance provides European Union coverage. Note that caravan insurers typically place an annual limit on the number of trips and days the caravan could be used abroad, and exceeding these limits may invalidate the policy.

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It’s worth checking the insurance policy details to ensure you have ‘new-for-old’ versus market value to help ensure you get back what you paid for it or a new or latest equivalent should you need it replaced rather than the current market resale value.  

Quotezone.co.uk can help you compare and find savings on specialist holiday insurance, such as static caravan, motorhome and trailer insurance.

References:

* https://www.gov.uk/guidance/new-rules-for-towing-a-trailer-or-caravan-with-a-car-from-autumn-2021

**https://www.theaa.com/car-insurance/advice/caravan-insurance

This article is intended as generic information only and is not intended to apply to anybody’s specific circumstances, demands or needs. The views expressed are not intended to provide any financial service or to give any recommendation or advice. Products and services are only mentioned for illustrative rather than promotional purposes.

Two weeks ago we talked about The Battle over ULEZ expansion in London since then things have progressed again.

In late July, London’s High Court dismissed appeals made by the five Conservative boroughs. In making his ruling, Mr Justice Swift said he was satisfied that expanding the scheme was within the mayor’s powers and that enough information was given for people to provide “informed responses” to the public consultation process. Sadiq Khan described the judgment as a “landmark decision” and said he would press ahead with the expansion on August 29th as planned.

The London mayor had come under intense political pressure from within his own party to rethink the enlargement and provide more support. On August 3rd, he announced that he would expand the established £2,000 ULEZ grant to all Londoners with non-compliant vehicles.

The decision was widely seen as a move to reduce the political fallout over the extension after the Tory by-election win in Uxbridge. The scheme will be available to any household with a non-compliant car or motorcycle, and is expected to cost £50m.

As of July 23rd, some 10,562 applications had been made to the scrappage scheme, with some £38.5m allocated to date. With the £50m addition to the scheme now being made, around £120m is still available.

Does the Ulez expansion effect you? Let us know in the comments.