The DVLA is set to launch its new '76' number plates within days, marking the second new registration drop of the year. The release typically triggers an immediate surge in demand for brand new vehicles as motorists head to dealerships.
Data from the SMMT found that the new car market rose by 13.7% last September. New car registrations rose 6.6% for the March drop earlier this year, with electric car sales volumes up 24.2%. Previous data also shows that dealers can charge more for cars fitted with brand new number plate designs. Stats from CapHPI analysis indicate there is usually a 4% uplift for March and September plates compared to previous designs.
High demand means full prices
However, drivers eager to get their hands on the new '76' design on a brand new car may come to regret their decision. With demand high, dealerships will tend to charge the full recommended retail price (RRP). Firms are unlikely to offer discounts when customers are flocking through the doors.
Meanwhile, a brand new car can lose up to 30% of its value the second it leaves the forecourt, meaning motorists could lose thousands once they turn the ignition key.
Waiting could pay off
For those who still want a new car with the '76' design but don't want to be caught out, there is really only one solution: wait it out. Buyers can usually benefit from discounts on vehicles right before the next set of registrations launch as dealers rush to clear out old stock.
Holding off on finalising a deal until January or February may be the best move, with customers able to take advantage of this to secure a bumper deal. Even holding off until the end of September could pay off, with dealers likely needing sales to meet quarterly targets.
AutoTrader previously explained: "If you're looking to buy a new car, it can often pay to shop during the quieter periods. During the end of each quarter – in March, June, September and December - dealers are keen to hit their target and earn bonuses, which means negotiating can be easier and they might even be offering deals."
These are two simple ways to keep more money in your pocket and avoid being overcharged.
