LifeAxis tracks your vehicle's complete financial history from the day you bought it to the day you sell or part-exchange it.
What you can record
- Purchase date and price: what you originally paid
- Current market value: your estimate of what it is worth now
- Disposal details: how and when you let it go
The current market value feeds directly into your net worth calculation as the vehicle's asset contribution.
Recording a sale or disposal
When the time comes to let a vehicle go, LifeAxis gives you three disposal options:
- Sold: record the sale price and date
- Part-exchanged: link to the replacement vehicle you acquired
- Written off: record an insurance write-off
Keeping your net worth accurate
Updating your current market value periodically keeps your net worth calculation accurate. Once a vehicle is disposed of, it no longer contributes to net worth. If the vehicle had outstanding finance, that balance is removed from your liabilities at the same time.
Valuations are entered manually for now. Automatic valuation data is on the roadmap.