Car registration: How to prevent number plate theft
Drivers could lose thousands of pounds when new number plate laws come into effect on Friday.
According to experts at Motorpoint, car owners could see the value of their vehicle drop when the DVLA launches the fresh designs on September 1.
However, specialists warn this is not down to the introduction of new number plates alone but the influx of new stock entering the market.
This is likely to bring down the value of existing ‘new’ cars built and registered since March 2023.
Tim Rodie, driving expert at Motorpoint claims road users should consider selling their existing models as soon as possible to get the highest possible value.
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Rodie 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.”
Officials at webuyanycar have also highlighted the risks associated with the new number plate launch.
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They warn that “the newer a car, the higher value it initially has” meaning ‘23’ plate cars will see the most dramatic drops in price.
Analysis shows that on average in 2023, cars will only retain 70 percent of their value in their first year.
However, they stress this could be a good time to buy as the market should be flooded with loads of second-hand models for motorists to snap up at budget deals.
Research from the group shows that almost a quarter (23 percent) of drivers believe that new registration plates make used cars more popular.
Richard Evans, head of technical service at webuyanycar said: “Demand, availability, and the release of new number plates can all cause a car’s value to fluctuate in the market.”
The launch of the new ‘73’ designs will be the second number plate change of 2023.
The DVLA updates the registration plates in March and September every year with higher numbers used for the second half of the calendar.
The new ‘24’ plates will launch in March 2024 while ‘74’ designs will be introduced in 12 months’ time.
Rodie added: “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.”
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