What is Motorway TruePrice?
TruePrice helps you understand the actual price you will receive for your car when you sell it with a partner via Motorway.
Online car buyers need to make assumptions about the condition and history of your car in order to provide an instant valuation. Different buyers use different assumptions, and sometimes this can lead to changes in the amount you will receive on the day of sale.
Our TruePrice technology takes the ‘guide price’ valuation we receive from online buyers, then analyses historical final sale prices from thousands of similar completed sales to calculate what you are likely to receive from each buyer.
By comparing TruePrice offers, you can make a more informed car selling decision at the point of online valuation.
Why did we create TruePrice?
At Motorway, we believe in trust, clarity and transparency. Since we launched in 2017, we have done all we can to bring these values to the online car buying market.
Our comparison service was the first in the UK to allow sellers to analyse and compare online offers from various car buying services in one place, along with reviews, fees and collection criteria, all in a single search.
Customers loved our comparison service from day one. But we found that some customers would book an appointment with a buyer on Motorway, only to find that their original price was reduced or ‘chipped down’ on the day of sale.
So we started work on TruePrice…
We dug into our sales data and found that 60% of the time, buyers were providing a guide price that then changed on the day of sale.
Chipping is not always the buyer’s fault – offering online valuations is never an exact science, especially without lots of detail on the condition of a car. That said, if the buyer assumes the vehicle is in ‘fair-to-good’ condition, they can expect it to have wear and tear consistent with the age and mileage, and should present an online valuation that reflects this.
We wanted to build a solution that makes offers you see from buyers more accurate, based on real sales data, to reflect the likely final sale price, giving customers a much more accurate way to compare prices.
How does TruePrice work?
TruePrice takes the guide price (online valuation) provided by online buyers, then estimates the final amount they will pay based on 1000s of completed sales on Motorway.
TruePrice works with real time data so that completed sales automatically feed back into our calculations, making the predictions as accurate and up to date as possible.
And to make offer comparison even easier, we state whether the buyer is basing their guide price on cars being in fair, good or excellent condition. We also list our predicted percentage change against the guide price provided.
It’s all you need to make a better, more-informed selling choice. And it looks like this…
You can now compare every offer based on review scores, collection criteria and price – more effectively than ever.
TruePrice helps you make an informed online selling decision in seconds knowing that the data is on your side.