New plate day boosts dealers, impacts used car prices

author: FutureCar Staff    

Experts are supporting the introduction of a new plate day, which is expected to give a boost to the new car market. However, they are cautioning about the potential impact on used vehicle prices. Today, September 1, marks the rollout of the new '73' plate, six months after the introduction of the '23' registration in March. Dealerships across the country are making a big deal out of the switchover, with midnight handovers and special events throughout the day.

The arrival of new number plates in September is usually good news for the motor trade and consumers looking for a bargain. Matas Buzelis from carVertical states that the arrival of new plates often gives the car market a boost, and this year is expected to be no different. Many drivers who enjoy the prestige of driving 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 buying a used car. Dealers are often more willing to make offers on older cars to make room for newer models, so drivers looking to haggle should ask how long a vehicle has been up for sale.

Dealers often have quarterly sales targets, so the end of September can be a good time to find a bargain. However, drivers should always conduct a history check to ensure they are not buying a car that will end up costing them more than it is worth. History checks provide information on the car's MOT and service history, accident or damage records, outstanding finance, and potential odometer fraud.

While the new registration is positive 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 following years of growth. Tim Rodie from Motorpoint 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 newer models entering the used car market and many drivers looking to sell, the value of cars could decline significantly. Rodie recommends selling a car before September 1 if anyone is planning to do so.

FutureCar Staff