UK car owners to lose £1,000s on September 1 as new rule change introduced
UK car owners could lose £1,000s of pounds within a matter of days as new rules are set to have a huge “knock-on effect” this September. The new ‘76’ number plates will hit the roads from September 1, the second annual plate change this year.
Although new plates tend to lead to a boost in demand for brand new cars, the update can have a sizeable impact on second-hand car valuations. Suddenly, a used car is considered another year older, meaning that its ultimate value would have dropped. Used car experts at Motorpoint warn that waiting to sell a car until after the plate change could be a bad move, with road users likely to receive less for exactly the same car.
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Tim Rodie, automotive expert at Motorpoint, explained the new September changes were likely to have a “knock-on effect across the used car market”, with thousands slashed off valuations.
Tim said: “There isn’t a set amount that every car will suddenly lose at midnight on September 1st. But if you’re driving a higher-value or nearly new car, even a relatively small percentage change can quickly become significant. On a car worth £30,000 or £40,000, that difference could potentially run into hundreds or even thousands of pounds.
“That’s why I’d be mindful of the upcoming plate change and how it might impact your car’s value. There’s little sense in holding off for a few extra weeks without at least checking what your car is worth now.”
Car insurance experts at Cuvva warned that owners of brand new ‘26’ plate cars could be among the most impacted as vehicles will suddenly be considered a bit older.
However, they warned this could be good news for those already on the market hoping to secure a car at a lower price tag this summer.
Darryl Bowman from Cuvva said: “If you’re trying to sell a car, now is the time to move. Cars depreciate with age, and the arrival of the new ‘76’ plates could make cars with ‘26’ plates look older by comparison.
“If you’re buying a car, the arrival of September’s new plates could be a chance to snag a bargain. Cars with older plates could now be cheaper, even when they’re still almost new.”