The next car plate period, now just a few weeks away, can be a blessing or a curse depending on when you decide to buy or sell your car.
On March 1st we will welcome the 18 plates and the 67 will no longer be the most recent plate out on the market. This means that literally your car will appear 6 months older in one day…
How does the plate system work?
In the current plate system, there are 3 significant sections. The first two letters indicate where in the UK the vehicle was registered.
Next, the third and fourth digits are known as the ‘age identifier.’ These are changed every 6 months – on the 1st of March and September. In March the digits will be the same as the last 2 digits of the year – hence this coming March (2018) the new plate will be 18. In September, 50 is added to this number (so the September plate this year will be 68).
The last 3 digits are chosen at random and have no real relevance.
So when should I buy a car?
If you want to buy a brand new car with the latest number plate then it is advised to wait until March or September. However if you are looking for a used bargain then it is best to buy earlier. You will want to start looking to buy now, before the newest number plates are released on March 1st.
When should I sell my current car?
The best time to sell your current car is before the new plates are released in March. On the 1st of March due to the new number plates hitting the market, your car will automatically depreciate in value and therefore you will not get as much money for your car compared to if you had sold it prior to this date.
Here are 3 examples:
1.If you wish to sell a 2012 FIAT 500 1.2 Lounge [Start Stop] with 26,000 miles, you’d be looking at £4,300. However if you wait until March when the 18 plate is released, this car automatically becomes 6 months older and would be worth around £3700 literally over night a £600 drop.
2. A 2011 Mercedez Benz S Class S350L CDI Bluetec Auto with 41,000 miles would be £15,000 if you were to sell it now, or £14,200 if you were to wait until March 1st. An £800 drop.
3. Finally, a 2013 Range Rover Vogue TDV6 Se Auto with 71,000 miles would be £36,000 now and would plummet to £34,500 if you wait until after March 1st when the 18 plates are released. A whopping £1,500 you could be costing yourself to sell it only a few weeks later.
Getting a good deal on a new or used car really does depend on the time of the year. We will be giving you more tips soon on other months to look out for when it comes to buy or selling your car however being clever at this time of the month can see you saving hundreds, if not thousands on buying a used car.
If you would like us to provide you with a free quote on your current car then Click here – we are happy to help.
If you want to discuss any of the above then feel free to give us a call on 0121 296 3829 – Jack is always happy to offer advice at no cost.
Many people are unaware of this information so if this article has helped you or if you know that one of your friends will benefit from reading it, then please share!