New plate day boosts dealers despite impact on used car prices

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【Summary】Experts are supporting the new plate day, which provides a boost to the new car market but may lower used car prices. The arrival of the '73' plate is expected to attract consumers looking for new vehicles and may lead dealers to offer discounts on older models. However, selling used cars at this time is not ideal due to the influx of new vehicles, which may decrease their value. It is advised to sell cars before September 1 to avoid potential declines in value.

FutureCar Staff Sep 03, 2023 4:19 PM PT

New plate day boosts dealers despite impact on used car prices

Experts are predicting that the introduction of the new '73' plate will give a much-needed boost to the new car market, although they are cautioning about the potential impact on used vehicle prices. This change comes six months after the rollout of the '23' registration back in March.

The switchover to the new plates is traditionally a significant event for car dealers, who often make a big fuss about the change. Many dealerships held midnight handovers last night and have planned special events throughout the day to celebrate the occasion.

According to specialists, the arrival of new number plates in September is good news for both the motor trade and consumers looking for a bargain. Matas Buzelis from carVertical stated, "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." He also mentioned that drivers who enjoy driving a brand new car will be heading to the forecourts to be among the first to hit the roads with the new '73' plates.

In addition, the arrival of new plates in March and September can benefit those buying a used car. Dealers are often more inclined to make offers on older cars to make room for more recent models. Drivers looking to negotiate a better deal should inquire about how long a vehicle has been up for sale, as dealerships may be more willing to offer a discount if the car has been in their possession for a while. The end of September is also a good time to find a bargain, as dealers often work towards quarterly sales targets.

Drivers are advised to conduct a thorough history check on any car they are considering purchasing. This check will provide information about the car's MOT and service history, whether it has been in an accident or damaged, and if there is any outstanding finance. It can also help detect odometer fraud, where the mileage has been falsified to hide the true number of miles the car has been driven.

While the arrival of the new registration is positive news for dealers, experts warn that now may not be the best time to sell used cars. 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 several years of growth. Tim Rodie from Motorpoint advises those looking to sell their car to do so before September 1 to avoid potential declines in value.