On 1st September, new number plates – with the “74” identifier – enter into force. Older cars may see their values drop dramatically as a result of this change, with thousands lost in terms of driver equity. This change could further depress the prices of new cars, benefiting used car buyers.

Get ready for a sea change in car values! On September 1, new number plates will hit the roads with the “74” identifier, and that could make all the difference in how much your car is worth. Here’s what you need to know:

What’s Happening?

From 1 September, all new cars will show the latest “74” number plates. It’s part of a tradition dating back to 2001, with new number plates being released twice every year—one in March and the other in September. The “74” plates will replace the “24” plates that have been in use since March.

Why Should You Care?

According to experts, this new plate change could see the value of your car slide if you are thinking of selling it soon. When new number plates come out, older-plate cars drop their value overnight. Hence, if you are driving an old model, its price might go down drastically once the new plates hit the scene.

How Much Might It Affect Your Car?

According to Cuvva experts, when leaving a showroom, a new car can depreciate as much as 10%. When it hits three years old, there could be discounts of up to 60% off its value at new time. This potential loss could come even quicker when new plates are released. Therefore, if you have a few years-old car, after the release date, you might see that it depreciates way faster.

Timing is everything in selling your car

Timing is cardinal if you want to sell your car. Selling your car before the new number plates come out may just help you get a better price. The buyers might pay more for a car with an older plate before the new ones make it look like poor value against their shiny newness. On the other hand, if you would sell off after the new plates are out, it will be difficult to sell your car at a good price.

Good News for Buyers!

This could spell good news if you’re looking to buy second-hand. With the new number plates reducing the values of older cars, you may find better deals on used cars. Sellers may be keen to lower their prices to get a sale under their belt before the car’s value has plummeted too far.

What Should You Do?

The following are things you can do to exploit this situation to your best interest:

Plan Ahead: If you have any car, sell it now before September 1st. This could help one get a better price.
Watch the Market: People looking to buy used cars should monitor the market after new number plates have been implemented. Very good bargains may come your way.
Check Your Car’s Value: Check the current valuation of your car using online tools, and know how the new plates can have an effect on it.

Why Do Number Plates Affect Car Values?

You may wonder why such a simple change in number plates should affect car values so much. The real reason behind this is simply that a lot of people believe that new number plates simply mean a newer car with more modern technology and features. Therefore, if new plates come out, this can lend any car with an older plate the aura of being outdated. This, in turn, may result in lower interest from buyers and lower prices.

What Can You Expect?

In the following weeks, when more and more people become aware of the new number plates, a lot of activity may ensue in the used car market. Some may hurry to sell off cars before their value plummets, while others may be on the lookout for bargains in used cars.

So, if you either want to sell your car or buy one, do remember these new number plates. Timing and knowing the market play a vital role in the price you will pay or get for your car.

Remember, these “74” number plates are around the corner and could bring sea change in the car market. If you act wisely, you might just turn this change into an advantage!