The worst day of the year to sell your car has been revealed, and experts are advising people to act quickly to avoid losing out on thousands of pounds. Motorpoint, an industry expert, has warned that car owners should aim to sell their vehicles before the end of February to avoid a potential drop in value once the new ’25’ plate vehicles hit the market on March 1. The upcoming introduction of the ’25’ plates on Saturday, March 1, will mark the first registration-plate change of 2025 in England, Scotland, and Wales. Since 2001, the UK Government has implemented new number plates on March 1 and September 1 to signify new car registrations clearly.
Tim Rodie, a driving expert at Motorpoint, emphasized the impact of the new registration plates on both new and existing vehicle values. He explained that while the new plates themselves may not directly affect the value of cars, the increase in new vehicles hitting the roads can lead to a decline in the value of current vehicles. With a surge in newer models entering the used car market and an influx of sellers, car owners might witness a significant drop in the value of their vehicles. Rodie advised potential sellers to take action before March 1 to secure the best possible price for their cars.
Understanding the significance of number plates, Rodie highlighted that the middle two numbers are crucial for indicating a vehicle’s age. Vehicles registered between March 1 and the end of August are denoted by the last two digits of the current year, such as ’25.’ This differentiation helps determine the age of a car, impacting its perceived value in the market. As each new registration plate is introduced, older vehicles are deemed as such, potentially resulting in a decrease in their worth. Selling a car before the plate change can help owners maximize their selling price.
Keeping track of a vehicle’s age is vital when considering its resale value, according to Rodie. Selling a car prior to the plate change is a straightforward strategy to ensure owners receive an optimal price for their vehicles. The advice to act swiftly before March 1 echoes the sentiment that timing is critical when it comes to selling a car in anticipation of changes in the market. Being informed about the implications of registration plate changes can empower car owners to make decisions that benefit them financially in the long run.
The forthcoming shift to ’25’ registration plates serves as a timely reminder for car owners to evaluate their selling options promptly. By proactively taking steps to sell their vehicles before the new plates come into effect, owners can safeguard themselves against potential depreciation in their car’s value. As the market readies itself for the influx of new stock, those looking to sell their cars are urged to heed the advice of industry experts and act swiftly to secure the best possible deal.Preparing in advance and understanding the factors influencing a vehicle’s value can enhance the selling process and help owners make informed choices about their car sales. Take note of the advice from experts like Tim Rodie and consider selling your car before March 1 to maximise its worth in light of the impending registration plate change.