Drivers can ensure car retains ‘value’ before number plate changes

Motoring: Tips to follow when purchasing a used car

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A new vehicle begins to lose value the moment someone drives it away from the forecourt, even if it is kept in immaculate condition. In most instances, drivers can expect a new car’s value to drop between 10 and 40 percent in the first 12 months alone.

If a motorist is travelling more than 10,000 miles a year, their car’s value could drop by up to 60 percent after three years.

There are plenty of factors, however, which dictate how much value will be lost and how fast the car will depreciate. 

Allan Hetherington, Head of Prestige Car Finance at Anglo Scottish Asset Finance, commented on how cars can depreciate and what drivers can do to help retain value.

Speaking to “It’s inevitable for a new car to depreciate in value – there’s nothing an owner can do to prevent that. 

“However, by considering a few of these tips when using the car, owners can ensure the car retains as much of its original value as possible. 

“This can be hugely helpful when it comes to reselling the car or avoiding costly lease charges.” 

In less than a month, drivers may see fluctuations in the price of their car with new licence plate changes.

From March 1, 2023, drivers across England, Wales and Scotland will see the rollout of the new “23” number plate vehicle registration. 

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This will be the first licence plate change of the year, with the “73” number plate being introduced in September.

In 2022, two new plates were launched, the “22” in March and “72” in September, as is now standard practice.

“New reg day” was previously very popular amongst drivers as a way to show off their brand new car, although it has lost some popularity in recent years.

Most consider a wide range of other factors much more important when deciding on their next car.

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The number plates themselves do not impact the value, but they do represent the newest cars on the market.

Servicing can be the bane of a car owner’s life, with drivers having to keep track of an annual service, MOT, car tax and insurance.

However, by sticking to the car’s service timescale, motorists are limiting the likelihood of its value dropping significantly. 

The service timetable is designed to ensure that the car’s most vulnerable areas don’t fall into disarray – failures in these areas can easily reduce the value of a car.

“Modding” a car is one of the most common ways in which car owners decrease the value of their car.  Often, petrolheads believe they can increase the value of their car by modifying it, such as upgrading the engine, replacing the wheels and adding cosmetic features.

Mr Hetherington added: “However, more often than not, this is not the case – even if you’ve spent thousands on expensive parts! Just because you value your new spoiler and exhaust doesn’t mean that the next prospective owner will feel the same – modifications like these are more likely to reduce the value of your car. Even tasteful modifications like new wheels are likely to be a waste of money – you’re highly unlikely to receive the same amount you’ve paid for them.”

While it is far less common now, smoking in the car can cause the value to plummet as it can be difficult to remove the smell, especially after a number of years.

Cleaning is also paramount for anyone looking to sell. A clean car will be more attractive to anyone wanting to buy, and is usually a simple change that drivers can make to boost value.

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