SORN vehicle values worth a fortune

UK drivers could be sitting on about £11.2bn tied up in unused cars, a new study estimates.

According to Carwow, there are now over three million cars with a SORN (Statutory Off Road Notification) declaration in the UK with a potential average value of around £3,264.

And even if every registered SORN car was only worthy of being scrapped, with an average scrap value of £275, they would still rake in a substantial £945m.

Paul Barker, motoring expert at Carwow, said: “Looking at these numbers, it’s shocking to see the hidden value held in these unused cars. If you’ve got one of these vehicles sitting idle in your garage, do you know if it is a piece of trash, or is it a piece of treasure? You might want to consider the opportunities that are available to you.

“Recent industry data has shown that certain cars from the noughties have doubled in price. For example, a 2004 Vauxhall Corsa could be worth 94.4% more today than it was in 2019. So, it could save you a lot of money to use a free online valuation calculator to check what your car is really worth.

“With over three million SORN vehicles in the UK valued at more than £10.9 billion, these off-the-road cars hold a big opportunity for owners. Not only can the average value of one of these cars fund Christmas five times over, but it could also help towards a larger financial goal. It could be the chance for a fresh start, a new opportunity, or even just a little extra cash.”