Automotive experts have warned motorists that they have just four days until their car could drop in value by hundreds or even thousands of pounds. The new 76 number plates arrive at the beginning of next month, bringing a wave of brand-new cars onto UK roads and potentially changing the used-car market once again.
Experts cautioned that drivers planning to sell their car after Tuesday (September 1) could be left hundreds, if not thousands, of pounds out of pocket. Leading used car retailer Motorpoint warns that the new plate change could put pressure on used car values, urging drivers to check what their car is worth before the market changes next month.
Knock-On Effect Across Used Car Market
Tim Rodie, automotive expert at Motorpoint, explained the impact it could have on drivers wanting to sell their vehicle. He said: "Most people think the plate change only matters if you're buying a brand-new car, but it can have a knock-on effect across the used car market too.
"As newer models arrive, they push older stock onto the used car market. So for many drivers looking to upgrade, there's now a larger choice of newer cars to choose from.
"Supply and demand has a big influence on used car prices. If buyers have more comparable cars to choose from, that will influence how much your car is worth after the next registration plate change."
Advice for Sellers
Rodie added: "If you already know that you want to sell your car in the next few months, I'd seriously consider doing it before September 1st. You could potentially be selling exactly the same car into a very different market if you wait."
The amount a car can lose in value depends on its make, model, age, mileage, condition, and current demand. Rodie continued: "There isn't a set amount that every car will suddenly lose at midnight on September 1st. But if you're driving a higher-value or nearly new car, even a relatively small percentage change can quickly become significant.
"On a car worth £30,000 or £40,000, that difference could potentially run into hundreds or even thousands of pounds.
"That's why I'd be mindful of the upcoming plate change and how it might impact your car's value. There's little sense in holding off for a week without at least checking what your car is worth now."
Getting a Valuation
Those interested in knowing how much their car is worth before next week's new plates can use Motorpoint's free instant valuation tool that uses real-time market data to calculate a car's value using just their registration and mileage. The final valuations are guaranteed for seven days, giving drivers time to consider whether they want to go ahead with the sale.
Rodie added: "By getting a valuation in August, you've also got a benchmark. You can look at what your car is worth today and decide whether that figure makes selling worthwhile for you."
