Experts support introduction of new license plate system despite impact on second-hand vehicle prices.

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【Summary】New plate day, marking the introduction of the new '73' plate, is expected to boost the new car market and provide opportunities for consumers to find bargains. Dealers may offer discounts on older cars to make room for new models. However, experts warn that the influx of new vehicles may cause a dip in used car prices. It is advised to sell a car before September 1 to avoid a decline in its value.

FutureCar Staff Sep 01, 2023 4:18 PM PT

Experts support introduction of new license plate system despite impact on second-hand vehicle prices.

Experts are predicting that the introduction of the new '73' plate will give a much-needed boost to the new car market. However, they are also warning that this could have a negative impact on used vehicle prices.

Today, September 1, marks the rollout of the new plate, six months after the introduction of the '23' registration back in March. This switchover is traditionally a significant event for car dealers, with many showrooms across the country making a fuss about the change.

As per tradition, several dealers held midnight handovers last night and are hosting special events throughout the day to celebrate the occasion. This is good news for the motor trade and consumers on the lookout for a bargain.

According to carVertical's Matas Buzelis, the arrival of new number plates in September often gives the car market a boost. He believes that this year will be no different, with drivers who enjoy the prestige of driving a brand new car rushing to the forecourts to be among the first to hit the roads with the new '73' plates.

Additionally, the arrival of new plates in March and September can also benefit drivers looking to buy a used car. Dealers are often more willing to make offers on older cars that they want to sell quickly to make room for newer models. Drivers looking to negotiate a better deal should inquire about the length of time a vehicle has been up for sale, as dealers may be more inclined to offer a discount for cars that have been on their forecourts for a long time. The end of September is also a good time to find a bargain, as dealers are often working towards quarterly sales targets.

However, drivers should always be cautious and conduct a thorough history check on any used car they are considering purchasing. This check will provide information about the car's MOT and service history, whether it has been involved in any accidents or has any outstanding finance. It can also reveal instances of odometer fraud, where the mileage has been tampered with to hide the true distance the car has been driven.

While the arrival of the new registration is positive news for dealers, experts advise against selling used cars at this time. The influx of new vehicles is likely to cause a dip in the value of used cars, although they are still at record levels following years of growth. Motorpoint's driving expert, Tim Rodie, explains that it is not the new plates themselves that affect the value of a car, but rather the increase in brand-new vehicles on the road. With many drivers looking to sell their cars and newer models entering the used car market, the value of a car could decline significantly. Rodie recommends selling a car before September 1 if anyone is considering doing so.