8:33 am, September 1, 2023
Experts are backing new plate day to provide a welcome boost to the new car market but are warning of the knock-on effects on used vehicle prices.
Today (September 1), marks the introduction of the new ’73’ plate, six months on from the rollout of the ’23’ registration back in March.
The switchover is traditionally a big deal for dealers with showrooms up and down the country making a song and dance about the change.
As usual, several held midnight handovers last night and are hosting special events throughout the day to mark the occasion.
Specialists say that the arrival of the new plates is good news for the motor trade as well as consumers on the lookout for a bargain.
‘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,’ said carVertical’s Matas Buzelis.
‘Drivers who enjoy the prestige of driving with a brand new motor will be heading to the forecourts so they can be among the first to hit the roads with the new 73 plates.
‘The arrival of new plates in March and September can also be a boost for drivers buying a used car.
‘Dealers are often more inclined to make an offer on older cars that they want to shift from the forecourts to make room for more recent models.
‘Drivers looking to haggle should ask 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 inclined to offer a discount.
‘Dealers are often working to quarterly sales targets too — so the end of September can be a good time to get a bargain.
‘Drivers should always make sure they check all aspects of the car’s past through a history check to make sure the car will not end up costing them more money than it is worth.
‘History checks display the car’s MOT and service history, show if a car has been in an accident or damaged and if there is any outstanding finance. Checks can also reveal odometer fraud — which means the mileage has been falsified to hide how many miles the car has been driven for.’
While the arrival of the new registration is good news for dealers, experts say that now is not a good time to be selling used cars.
As a result of an ‘influx’ of new vehicles, the value of used cars is now likely to dip – albeit they are remain at record levels following more than three years of growth.
Tim Rodie, driving expert at Motorpoint, said: ‘It’s well documented that new car prices are heavily impacted by the plate change, but motorists may not be aware that the price of their current vehicle can also be affected.
‘Interestingly, it isn’t the new plates themselves that impact the value of your car but rather the influx of brand-new vehicles on the road.
‘With newer models entering the used car market and lots of drivers looking to sell, you could see the value of your car decline quite considerably.
‘If anyone is looking to sell their car, I would have strongly recommended that they did so ahead of September 1.’
