New plate day boosts dealers, impacts 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 of the potential 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.

The switchover to the new plate is traditionally a significant event for car dealers. Showrooms across the country make a big deal out of the change, with many holding midnight handovers and hosting special events throughout the day. This year is no exception.

Specialists in the industry believe that the arrival of the new plates is good news for both the motor trade and consumers looking for a bargain. According to Matas Buzelis from carVertical, the new number plates in September often give the car market a boost. 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.

Furthermore, the arrival of new plates in March and September can also benefit those buying a used car. Dealers are often more inclined to make offers on older cars that they want to shift from the 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. If it has been in the dealership's hands for a long time, the business may be more willing to offer a discount.

Drivers should always conduct a thorough history check on a used car to ensure they are not getting a vehicle that will end up costing them more money than it is worth. History checks 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. They can also reveal 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 dip, although they are still at record levels following several 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 increased number of brand-new vehicles on the road. Therefore, if anyone is looking to sell their car, it is strongly recommended to do so before September 1.

FutureCar Staff