New Plate Day Boosts Dealers Despite Impact on Used Car Prices

author: FutureCar Staff    

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 may have a negative impact on used vehicle prices.

September 1 marks the rollout of the new plate, six months after the introduction of the '23' registration in March. Traditionally, this switchover is a significant event for car dealers across the country, with many 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 looking for a bargain. CarVertical's Matas Buzelis 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 the prestige of 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 also benefit those buying used cars. Dealers are often more inclined to make offers on older cars that they want to clear from their forecourts to make room for newer models. Drivers looking to negotiate a better deal should inquire about how long a vehicle has been up for sale, as dealers may be more willing to offer discounts for cars that have been in their possession for a longer period of time.

It's worth noting that dealers often have quarterly sales targets, so the end of September can be an opportune time for drivers to secure a bargain. However, it is crucial for buyers to conduct a thorough history check on any used car they are considering purchasing. This check will provide information on 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 uncover instances of 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 advise against selling used cars at this time. Due to the influx of new vehicles, the value of used cars is likely to decrease, although they still remain at record levels following several years of growth. Tim Rodie, a driving expert at Motorpoint, explained that it's not the new plates themselves that impact the value of a car, but rather the increased number of brand-new vehicles on the road. He strongly recommended that anyone looking to sell their car should do so before September 1 to avoid a considerable decline in value.

FutureCar Staff