The introduction of the 63-plate is impacting new car sales.
The new 63-plate was launched at the start of September and while the release is big news for the automotive industry as a whole, it is especially important with regard to new cars.
More specifically, it is likely to have a considerable impact on sales of these motors. The introduction of a new plate traditionally results in an influx of buyers checking out the latest new car deals in order to get their hands on a newly-released vehicle and the registration plate that belongs to it.
This year, however, the implementation of the latest plate could well have an even greater impact than it has in years gone by. Writing for the Daily Mirror, motoring expert Quentin Wilson has noted that the 63-plate is likely to be the biggest seller for six years, with total registrations expected to be in excess of 2.2 million.
Wilson explained there are various reasons for this – and not just because of the general feeling that the UK's economy is on the road to recovery and the recession can be consigned to the past.
Rather, it was put forward that car sales in a number of major European countries – such as France, Germany, Spain, Italy, Greece and Portugal – have been so slow in recent times that manufacturers are switching their attention to the UK and focusing more of their marketing efforts on the nation.
As a result, would-be car buyers in the UK are being offered a range of discounts that are enabling them to pick up new vehicles for cheaper than they might otherwise have expected.
Wilson stated: "So if you fancy a new motor, prices are some of the cheapest I've ever seen."
The TV personality explained that while low sales throughout the rest of Europe may spell bad news for those particular companies, the effects are far more promising for people looking to buy a new car in the UK. He recommended: "If you can't come up with a wad of cash, think about leasing or a personal contract plan."
New findings have also given an indication of how motorists intend to pay for their 63-plate new car purchases. Provided by the Finance & Leasing Association (FLA) and reported by Motor Trader, the figures revealed personal contract purchases (PCP) are set to account for 65 per cent of retail new car sales for this month.
September is widely considered to be the second most important month of the year for new car sales – and the FLA research has suggested many people are keen to go down the PCP route when buying their 63-plates because of the flexibility they offer and the attractive monthly payment plans they promote.
It was revealed that PCPs will make up more than 80 per cent of retail new car sales for some dealers – especially ones with particularly strong support from car manufacturers.
Paul Harrison, head of motor finance at the FLA, commented: "PCPs are heavily promoted by the car manufacturers. The product often enables customers to drive a more expensive car than they would have otherwise have been able to afford as a lump-sum is deferred until the end of the deal."