The average person in Britain has assets worth nearly £300,000 - but nearly half do not track the value of anything they own, according to a new study. Property is the highest value item most people own, with cars coming second, while stocks and technology also contribute to individuals' net worth, the research found.
The study, by used-car marketplace Motorway.co.uk, found that 48% of Britons don't check how much any of their assets are worth. People aged 18 to 23 are more likely to track the value of their possessions, the study indicated - 59% of those who own a car check its worth at least once a month, while 23% keep tabs on the value of their phone.
Older generations - those aged 55 to 73 - are more likely to check the value of their car once every one to three years, while 23% of this age group keep a close eye on the value of their property. For almost three quarters of those surveyed in Greater London, their vehicle is their most valuable asset they own, compared to 50% of those surveyed in the North West, as property ownership is often higher outside of the capital.
Two-fifths of respondents who own a car said they don’t know how much their vehicle is worth. Meanwhile more than half think a car always goes down in value, which is not necessarily the case given production of new models has slowed down globally and supply chains have been disrupted by the war in Ukraine.
Motorway has launched a new free Car Value Tracker, backed by Rachel Riley, maths expert from Channel 4 game show Countdown. "January is the perfect time to take control of your finances and the first thing you can do is take stock of your assets," said Rachel.
"Think about what you own that could be of material value: a car, a mobile phone, a gold necklace? All of these items could be considered assets and as such they depreciate and appreciate depending on market conditions and trends. An asset such as a car will see prices rise and fall, depending on demand in the used-car market, meaning it’s important to track the value of your car to understand the best time to sell."
Alex Buttle, Motorway's co-founder, said: “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 – or even goes up in value – 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.”
