registration plates Archives

Why New Car Registrations Are Growing in the UK

Man looking at buying a new car in a dealership

Recent data from the Society of Motor Manufacturers and Traders (SMMT) has reported the fourth consecutive month of increased new car registrations in the UK, with a rise of 23.5%. This marks the strongest growth rate for the month of November since 2019.

What’s driving this rise in new car registrations, and what might it mean for both the UK new car sales market and car buyers more broadly?

What are the figures for UK new car registrations?

Despite the global motor industry’s struggle with supply chain issues, the UK’s auto market shows growth in new car registrations. This demonstrates its general resilience as well as a tentative increase in consumer demand.

Electric vehicles (EVs) continue to drive the rise in UK new car registrations, with registrations of battery EVs rising by 35.2%. This number accounts for more than one in five new cars in the month of November. It’s also the largest monthly share of the new car market held to date by EVs, at 20.5%.

Registration of plug-in hybrids (PHEVs) accounts for more than one in four new registrations, but nonetheless fell over the same period by 5.7%. Meanwhile, hybrids rose by 66.9% to comprise 11.2% total of the market. This reflects a move by fleet operators looking for emissions reductions and greater fleet flexibility.

Petrol registrations also expanded by 15% to make up 40% of the market, a notable fact given the UK’s commitment to net zero. Registrations by large fleets also grew by 45.4% year on year, with business registrations virtually doubling (though still constituting a small market share). Demand from private buyers also demonstrated a small expansion of 2.7%.

What might this mean for the UK new car sales market?

This growth in new car registrations indicates a tentative recovery for the UK market, but car sales still remain around 9% below equivalent pre-pandemic levels, even with this growth.

The growth in market share by EVs does indicate a rising preference for non-fossil fuel vehicles. However, the market share of new car registrations held by petrol cars remains almost double that of EVs. As such, Mike Hawes – CEO of SMMT – has urged the government to further invest in EV incentive schemes and build more electric charging infrastructure ahead of consumer need. This aims to incite more consumers to adopt greener vehicles and ensure that the country will meet its net zero targets.

Further recovery of the UK’s auto industry is anticipated in 2023, with current projections suggesting a 15.4% rise in market growth. However, with the cost-of-living crisis and concurrent rise in energy prices, there are still reasons to be wary of premature conclusions regarding the market’s stability. As consumers face higher costs for charging electric vehicles, there is a risk that this may cause the market to stagnate with a drop in demand for EVs. Given that EVs are driving the current rise in new car registrations, this drop would impact the market’s overall growth.

How might this affect car buyers?

It’s difficult to make any clear conclusions as to how this growth in new car registrations might impact car buyers. Certainly, the demand for EVs and hybrid cars is only likely to increase, backed by government commitments towards net zero.

The UK government has promised an investment of £12 billion towards a net zero target by 2030, and reaffirmed their commitment towards transitioning to 100% zero emission cars and vans in the wake of COP26. The roadmap for achieving this transition includes steps such as ending the sale of new petrol and diesel engine cars, with a complete ban in 2030, and ensuring that all new cars and vans are zero emission by 2035. There’s also greater investment (specifically a commitment of £5 billion) to infrastructure, manufacturing and R&D for EVs.

However, EVs remain more expensive at initial purchase, which – in combination with the aforementioned rise to cost-of-living – may make consumers more resistant to purchasing brand new electric motors.

How to finance a new electric vehicle

For drivers looking for a way to reduce their carbon footprint and upgrade their car at the same time, opting for an EV or hybrid is an ideal choice. However, it can be a costly move, which is where car finance comes in.

If you’re looking for an affordable, accessible way to purchase an EV, you can use our car loan calculator to see the kinds of finance agreement you may be eligible for. Alternatively, email one of our team at enquiries@mycarcredit.co.uk.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

What is the Cheapest Month to Buy a Car?

When it comes to securing either a new or nearly-new vehicle, one thing’s for certain – doing your homework can help you to find a financially attractive deal. That includes researching the most cost-efficient time to buy. So, what is the cheapest month to buy a car? Let’s take a look…

What is the cheapest month to buy a car? – Used vs. new cars

If you’re looking to bag a brand-new car, look to the annual sales peaks of March and September, as this is when car registration plates change.

Dealerships work to quarterly sales targets, meaning the end of March, June, September, and December can be good times to head in for both new and used cars, as you’ll likely be able to negotiate a great deal from associates looking to hit their personal and business targets. Avoid the following months, as targets will typically have already been met, meaning sales associates have less impetus to negotiate.

Ideally, head into dealers in February and August. As the months preceding the sales peaks and quarterly targets, there may be great deals on offer in anticipation of both. Plus, by heading in with time, you’re allowing yourself the chance to shop around and negotiate without time constraints.

It’s slightly more complicated when it comes to finding the cheapest month to buy a used car. The following advice is pertinent for those seeking nearly-new and used cars.

When’s the best time to buy a used car – factors to consider

Registration plates changeover

As detailed above, registration plates change in March and September. Dealers will be experiencing an intake of company and privately-owned cars returned for the newest models, which they’re likely to want to shift off their forecourts. As such, salespeople might be more flexible with accepting lower prices in an attempt to move this stock of nearly-new and used vehicles on.

Think about timings

The summer and the end of the year are quieter times for used car dealerships, as people opt to spend their money on holidays. You may be able to take advantage of lucrative deals to secure a used vehicle at these times – in fact, dealers may already have advertised discounts to draw in buyers. Bank holidays like Boxing Day and Easter Monday can often have attractive sale events, so keep your eyes peeled for these.

Consider seasonality of vehicles, too – you can look for 4x4s in the spring and summer months, when there’s less demand, and convertibles in the autumn and winter.

Take into account that most individuals get paid at the end of a month, meaning that the beginning of the following month will be less busy for dealers, who’ve benefitted from this scheduling and consequent purchasing. Avoid busier days like weekends, and hit dealerships mid-week if you can. You may find that Friday afternoons are the best time to hit dealerships, as salespeople may be looking to make weekly targets.

Find your right car with My Car Credit

Whatever the make or model of vehicle you’re looking for, car finance can help to make the purchase more affordable. Fill in our online form to get a car loan quote and get one step further towards finding your next car, or contact us on enquiries@mycarcredit.co.uk today.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

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Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

car finance month new vs used car registration plates

How to transfer a private registration number to a different car

Volvo 4X4 with My Car Credit private registration plate

If you’re anything like us, picking your car will be a very personal choice. The brand, model, colour and specification are all big questions that the discerning buyer must consider. The pinnacle of car personalisation though has to be the personalised registration plate. For statement-making drivers, getting a customised plate for their beloved set of wheels is simply a must. But what happens when you get a new vehicle? Find out more about transferring the plate to your new set of wheels here.

With prices from the DVLA starting at £250 (plus VAT and an £80 transfer fee), it’s no wonder that hundreds of thousands of British drivers have bought into the affordable, yet luxurious choice of making their number plate personal. Some independent number plate traders can offer even cheaper deals!

However, once you’ve got a personalised registration plate it can be difficult to imagine driving without it. Luckily, the answer for anyone out there looking to transfer their customised plate is a yes – it’s very much do-able! However, there’s a few steps involved – so read on.

First steps

The first thing you need to do when you are transferring a personalised registration plate to another car is place the registration number on retention. This allows you to either keep the number for a vehicle in the future or transfer it over to another car.

In addition, you must also be the owner/registered driver of the car that you are going to transfer the plate over to. The car must also be:

Registered with the DVLA
Have been taxed for the last five years or declared off the road with a SORN certification (Statutory Off-Road Notification)

Making it happen

When you’re sure you have taken the first steps in the process, you can visit the DVLA’s online portal. You will be asked to enter the registration number you want to place on retention and the 11-digit document reference from the current car’s log book (also known as a V5C). It usually costs around £80 to make this happen, which must be paid in one transaction with a debit or credit card.

Depending on whether you have chosen to retain the personalised number for a later date or transfer it immediately, you will be issued with either:

A reference number to immediately transfer the number to another vehicle.
A V778 retention document which gives you the right to use the personalised registration number for the next 10 years.

So, if you’re looking to transfer your personalised registration plate – what are you waiting for? It’s a very efficient process, as long as you follow every step. Here’s a few key details to keep in mind:

If there is an interim period between your current number plate and the transfer of your personalised number plate, you will be given a replacement number to use.
You must have your personalised number plates (or your replacement plates) on your vehicle before you drive it.
You must inform your insurance company of your new personalised registration number.
You cannot transfer a personalised number that starts with ‘Q’ or ‘NIQ’.
Your plates must be made from a reflective material, which is white with black characters on the front of the car and yellow with black characters on the rear. No patterned backgrounds are allowed, and the character size and font must be within regulation.

Personalised number plates are a fantastic way to make your car extra special. Whether you go for the classic name plate or some hilarious wordplay, they’ll show everyone else on the road a bit of your personality. It’s for these reasons that many people like to keep their personalised number plate and transfer it on to another vehicle, and we hope that this article has made the process as smooth as possible.

For more information why not visit the GOV website here.

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Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

numberplate private plate private registration registration plates

Why New Car Registrations Are Growing in the UK

Recent data from the Society of Motor Manufacturers and Traders (SMMT) has reported the fourth consecutive month of increased new car registrations in the UK, with a rise of 23.5%. This marks the strongest growth rate for the month of November since 2019.

What are the figures for UK new car registrations?