Car Value Warning Amid New 24 Plates

As the 24 number plates are set to be released on the newest batch of cars from 1st March, drivers may see their vehicles value change.

Richard Evans, head of technical services at webuyanycar comments:
“Whilst demand is a key factor in determining a car’s value, the newer a car is, the higher value it initially has so another year of a car’s lifespan could affect a vehicle’s price. Our research showed that almost a quarter (23%) of drivers believe that new registration plates make secondhand cars more in demand.

“Research into used car values found that on average in 2023 cars only retained 70% of their value in the first year. But there are a few ways drivers who are thinking of selling their vehicle can retain as much value as possible. Regularly using a car for shorter journeys can ramp up the mileage, so travelling on foot where possible can help to keep it down. Keeping the car in a good working condition by having it serviced on a regular basis will also help to ensure the next owner has full confidence and an insight into any previous work or repairs the vehicle has had.

“Demand, availability, and the release of new numberplates can all cause a car’s value to fluctuate in the market. Drivers can find out how much their car could be worth based on today’s market data by using our car valuation tool.”

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