The used vehicle retail company Motorpoint has warned drivers to avoid selling their vehicle on an upcoming date, with sellers likely to receive less money overall.
While the used car market is booming, the company warned that the launch of the new ’74-reg’ number plates on September 1 2024 could see the typical prices of older models fall.
Tim Rodie, driving expert at Motorpoint, highlighted that values typically drop due to the increasing number of new models on the road.
He explained: “Interestingly, it isn’t the new plates themselves that impact the value of your car but rather than 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 strongly recommend that they do so ahead of September 1.”
Introduced in September 2001, the current number plate system features two digits that indicate the age of the vehicle, with a new set being introduced every six months.
While the UK number plate system can help used car buyers quickly identify the overall age of a vehicle, helping to avoid scams, older vehicles can lose value at a much quicker rate when the next set is launched.
As a result, Motorpoint advised drivers avoid selling their current car during the first week of March and September alike in a bid to get the best price.
Tim recommended that drivers should also consider selling their vehicle before it reaches a certain age, which can help them to avoid high depreciation.
He advised: “Age is one of the most important factors to impact the value of your vehicle and each time a new registration plate is introduced your car will be considered older and therefore lose some of its value.
“Keeping tabs on the age of your vehicle and selling your car ahead of the plate change is one of the easiest ways to ensure you are getting the best price possible.”
Nevertheless, no matter how old their vehicle is, there are a number of ways in which drivers can boost its value on the used car market.
Before taking any photos, motorists should give their car a deep clean, both inside and out, or pay for a professional valeting service.
Printing out any information relating to the vehicle’s MOT history, routine maintenance and repair bills can also be beneficial, showing potential buyers how the car has been cared for.
