As we fast approach September and the launch of the new 70 plate registration, we’re taking a look at how this can affect car buyers and owners across the UK.
According to research from carwow, a quarter of potential car buyers await the most recent registration before purchasing a new car. But why? Does it make a difference?
If you’re in the market for a new car, we’ve taken a look at what the launch of the new September registration plate could mean for you.
In short, yes. Although a car with the latest reg will cost more, it will also hold its value whether it be resale or trade-in far better than a car bought merely days before with an older plate. So, if you’re someone who regularly trades in your car and looks for an upgrade, you’ll be looking for something that retains its value better.
NOW is the time for you to buy. February and August are the prime times to shop for deals if you’re not after a brand-new registration plate. Generally, most car dealers will offer cheaper deals and discounts on vehicles with old registration plates in the build-up to the licence plate change.
If you’re looking to buy a car in August with a March plate it’s going to be worth less than the same car with a September plate, even if it was bought just a few days before the new licence plate was introduced. It’s about weighing up what you’re after.
Yes. The cost for a car with a new reg plate will be higher no matter how you’re funding it. However, if you are on a PCP or Lease Hire contract and the renewal is impending now is the time that you’re likely to be contacted by car dealers trying to tempt you with new car deals and offers. BUT, don’t be fooled, just because a new plate is coming out doesn’t mean you have to trade your car for a brand new 70 plate, it’s still up to you to shop the market and you can still opt for an older plate, as ultimately it will be cheaper.
September sales month is most commonly the biggest in the 12-month period, so dealers tend to not need to run offers or deals during this time. With that said though, there may not be offers on the price so to speak, but there maybe be offers available on the interest rates or fees when it comes to funding your new purchase.
The benefit to the reg plate is it easily allows buyers to identify the age of a new car at a glance, which is useful for spotting pre-registration bargains on dealer forecourts, if that’s something you’re after, then you could nab a great deal. *This is more likely to be toward the end of September though, when car dealers are trying to round off their month of sales with one last push.
If you’re looking to trade-in your car at the end of the month, don’t forget to make sure it is inspection ready. Any vehicle that is driven is going to experience some wear and tear – no matter how good a driver you are! Little nicks and scratches on the body of a car and wheels are to be expected, unless, of course, you are leasing a car! In that case, you can expect to be charged a lot of money for every little nick, scratch or other imperfection in the vehicle you leased. While most car dealers will tell you at the outset that you will not be charged for what they call “fair wear and tear” and will only be charged for excessive damage to the vehicle, trust us when we say you will pay for every tiny nick and scratch. Check out our blog on end of lease repair charges, and why you should avoid them.
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