CashNews.co
Motorists looking to sell their cars should do so before the end of the month or risk missing out on thousands of pounds, according to industry experts.
When new “74” plate vehicles go on sale on September 1st, car owners could see the value of their current vehicle drop as the market adjusts to an influx of new stock, Motorpoint has warned.
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 strongly recommend that they do so ahead of September 1st.”
When the new “74” plates are introduced on Sunday 1st September it will be the second registration-plate change to take place in 2024 and will impact drivers across England, Scotland and Wales.
The UK Government has rolled out new number plates on March 1st and September 1st to clearly differentiate when a new car has been registered has since 2001
Discussing the important elements of the plate change, Tim said: “When it comes to understanding a number plate, you don’t really need to worry about the letters, the first two act as a DVLA memory tag and the final three are completely random. The most important bit for motorists is the two numbers in the middle because these show the age of a vehicle.
“If a car was registered between March and the end of August it will be identifiable by the last two digits of the year, for example this year it was “24”. Those registered between September and the end of February have the current year plus 50, hence the “74” plate.”
Discussing why motorists should be aware of the plate change, Tim said: “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.”