Looking for a Used Car : Car owners looking for a bargain-priced second-hand vehicle have been tipped off about the optimum time to buy, as used car dealers ready themselves for price cuts.The 1st of March is usually linked to the boom in new car sales due to the arrival of the new registration number plate, but it’s also set to result in price cuts for second-hand cars.
James Hosking, director of AA Cars, told this week that the floodgates will be opened on used cars come early March 2025, when dealers will be forced to slash prices on the cars they currently have on their books.He added: “The 25-plate shake-up from March is bound to turn the UK car market on its head, offering opportunity for new and used car buyers alike.”
He added on sales expectations from the new plate launch: ‘This milestone event often drives new demand for brand-new cars, as drivers hoping to show off the latest plate flock to forecourts. That bounce-back in new car sales also has a knock-on effect, of course, as part-exchanges pile into the used market, rising stock levels and increasing choice for buyers. The twice-yearly change of numbers, every March and September, drives interest in new vehicles.
So, the usual high demand for the new ’25-reg’ to adorn the drives of Brit’s up and down the country should see used car lots hemmed with older models, resulting in a surplus of stock versus sales.As a result, shrewd shoppers looking to buy a second-hand car in March could save big, potentially ending up hundreds or even thousands of pounds better off as dealers try to clear their lots, the news outlet claims.
While these could lead to possible discounts, James highlighted that motorists should not rush out to undertake checks, but should instead take their time finding a deal before leaving the showroom. He said: “Buyers should take their time and not rush into a deal.
If you’re looking to enjoy more bang for your buck, be sure compare prices of the same car across multiple dealerships, and if you’re searching for savings, keep a weather eye for a pre-registered or nearly-new model to save big over a brand-new equivalentHe added, “With a bit of research and patience, March’s plate change could provide an opportunity to drive away in a high-quality vehicle at a great price.”
Data from Cap HPI indicates that the average value of used cars is increased, with average three-year-old cars (60,000 mile vehicles) collectively appreciating by around £40.
But used car prices are generally in a downward curve, with the average one-year old model shedding around £540 in value, as discounts and incentives designed to make new models more attractive and affordable, take their toll.The addition of the new plate could help drive down the average price of used electric vehicles even further, perhaps making the switch from petrol or diesel cars easier than ever.