Used car values are expected to massively fall within two weeks as new DVLA number plate changes are introduced.
Car insurance experts at Cuvva warned second-hand petrol and diesel values tend to drop more considerably near and just after number plate launches.
They stressed that motorists looking to sell a vehicle before the new plates are introduced could get a better price.
This means on the flip side, those looking to secure a bargain should wait until September when older models are considered less valuable.
Darryl Bowman, spokesperson for Cuvva explained: “While it’s true that your car’s value will naturally decrease over time, the best way to slow down depreciation is to look after your car.
Vehicles first registered in 2021 could be the most at risk with values dropping considerably after 36 months on the road,
According to Cuvva, a vehicle can lose around 10 percent of its value as soon as it leaves the showroom and up to 60 percent by the end of its third year.
Experts at Carmoola have previously explained why the second-hand car market is so impacted by the launch of new registrations.
They explained: “The release of new car registrations has a ripple effect in the used car market. When people start buying new cars, they often trade in their current car to help pay for the new one.
“This creates a surplus of used cars, which most often drives down the prices of used cars.
“If you’ve been on the fence about buying a new car this might just push you over the line! It means that you’re more likely to find a good deal on a pre-owned vehicle.”