New Plate Day Boosts Dealers, Affects Used Car Prices

author: FutureCar Staff    

Experts are predicting that the introduction of the new '73' plate will have a positive impact on the new car market, but they are also warning about the potential consequences for used vehicle prices. Today, September 1, marks the launch of the '73' plate, six months after the rollout of the '23' registration in March. This transition is traditionally significant for dealers, who often make a big deal out of the change by holding midnight handovers and hosting special events throughout the day.

According to specialists, the arrival of the new plates is good news for both the motor trade and consumers in search of a bargain. Matas Buzelis from carVertical states, "The arrival of new number plates in September often gives the car market a boost, and there is no reason to think this year will be any different." Many drivers who enjoy the prestige of owning a brand new car will head 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 those looking to buy a used car. Dealers are often more willing to make offers on older models to make room for newer ones, so drivers looking to negotiate a better deal should inquire about how long a vehicle has been up for sale.

Dealers typically work towards quarterly sales targets, so the end of September can be a favorable time to find a bargain. However, it is essential for drivers to conduct thorough history checks on used cars to ensure they do not end up paying more than the vehicle is worth. These checks provide information on the car's MOT and service history, any accidents or damages, outstanding finance, and potential odometer fraud. It is crucial to verify the mileage to ensure it has not been falsified.

While the new registration is good 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 still remain at record levels after three years of growth. Tim Rodie, a driving expert at Motorpoint, explains that it is not the new plates themselves that impact the value of a car, but rather the increased number of brand-new vehicles on the road. With more recent models entering the used car market and many drivers looking to sell, the value of existing cars may decline considerably. Rodie strongly recommends selling a car before September 1 if anyone is considering doing so.

FutureCar Staff