Number plate changes launching within weeks could see drivers lose thousands of pounds almost instantly

The new "74" number plate follows on from the introduction of the "24" identifier that was launched in March earlier this year.

Although the number plate changes are minor and will not have a significant bearing on the vehicles, they can have a huge impact on the market value of the vehicle.

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For those looking to sell their cars, they could make hundreds or even thousands of pounds extra if they choose the right time to act.

Car values typically decrease with age and drivers looking to sell may struggle if the value of their car depreciates quicker as a result of the new number plates.

According to experts from Cuvva, a new car can lose around 10 per cent of its value as soon as it leaves the showroom and up to 60 per cent by the end of its third year.

This is, however, good news for drivers looking to switch their cars with a new second-hand vehicle as they will be able to secure a more favourable deal.

Darryl Bowman, from Cuvva, said: “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.

"Stay on top of regular maintenance and ensure your car passes its MOT checks.

“If you're in the market for a new car, the introduction of new number plates is a great opportunity to secure a better deal on slightly older models with the previous plates.”

He also warned that drivers could be slapped with huge fines worth £1,000 if their number plates are not roadworthy. They could also fail their MOT tests.

Number plates must also adhere to a number of different requirements including the materials, font, spacing and designs or they could face a massive fine.

Number plates must be reflective, and display black characters on a white background at the front and on a yellow background at the rear, while background patterns are banned.

All numbers and letters on the plate must be in Charles Wright font, be 79mm in height and 50mm in width (excluding 1 or I), be 14mm thick and there should be an 11mm gap between each character.

Plates can include raised 3D characters, certain symbols, flags, or a green stripe for electric vehicles, as outlined on GOV.UK.

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However, drivers must not be able to remove the characters and all new plates fitted must display characters in a single shade of black.