It’s been another busy year for the MotorEasy team, today our vehicle ownership solutions support nearly 1 million members. If you are one of those, you are in savvy company, thank you for being part of our motoring community.
Following the tumult of 2022, when petrol and diesel prices hit nearly £2/litre and new car sales hit the buffers in the wake of the pandemic, 2023 will go down as the year that the motoring industry returned to normality.
Time to switch cars?
As we head into 2024 expect to see car dealers back in discounting mode, with stocks back to predictable levels. If you’re looking to switch cars, keep an eye open for tempting offers particularly on electric vehicles, as manufacturers fight to meet new rules that stipulate 20% of new car sales must be zero emission.
Electric or ICE (internal combustion)
Our view is to stick with ICE for now. Used car values on electric cars are dropping like a stone and the cost of repairs are significantly more than traditional ICE cars.
If you are not willing to go electric yet, look out for bargains on diesels, likely to be sold off in increasing numbers in and around newly emerging ULEZ zones.
After recent steep falls in value, the used car market is being tipped to stabilise going into 2024, gradually slowing as the year goes on. We may even see values rising again towards the end of the year.
Repair costs on the rise
While the above brings welcome respite to wallets, 2023 saw repair costs continue to rise. It’s a trend that has seen many car owners turn to an extended warranty to both safeguard against unforeseen costs as well as shield against the rising costs of parts and labour.
MotorEasy continues to play a part in this area, evolving the cover levels on our electric vehicle and hybrid warranties, while also extending sales through brand partnerships with Halfords, Asda Motoring, Car Wow and others, who all chose us as their preferred warranty and GAP insurance partner of choice.
Our award-winning GAP Insurance
Alongside these important brand endorsements, we were also delighted when Auto Express named MotorEasy as their Best Buy GAP Insurance provider in 2023. Cited for our price advantage and quality of cover, we were the only company to be awarded a class-leading five out of five-star rating.
In an era when vehicle theft has reached an all-time high, GAP Insurance has ballooned in popularity, as car owners seek to insure against the cost of their car’s depreciating value following an accident, theft or other write-off event.
Our GAP insurance product has also come to the rescue of several car owners who have seen their vehicles depreciate following the wayward extremes of the past year. Most notably, this included Tesla car owners, who witnessed falling valuations thanks to Elon Musk’s much-publicised pricing cuts.
The future of MotorEasy is green
With environmental issues increasingly dominating the motoring agenda, we sat up and took note when eight in ten consumers we surveyed said they would choose ‘green’ car parts if offered by their service or repair provider. To cater to for this growing demand, we partnered with leading integrated salvage and green parts provider, SYNETIQ, to offer our members discounted repairs using certified green parts. With quality assured green parts reducing carbon emissions by up to 92% compared to newly manufactured equivalent parts, we’re protecting the planet as well as you.
With the end-of-another-year bell sounding, we’re signing off 2023 wishing you a Happy New Year and continued safe motoring in 2024.