Number plate changes launching next week could see cars lose '30 per cent' of value immediately

The number plates will be updated on Sunday, September 1, marking the second time this year new registration plates have been rolled out.

New plates are released twice a year, with drivers seeing the introduction of "24" plates on March 1, earlier this year.

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Richard Evans, head of technical services at webuyanycar, explained that the rollout of the “74” number plates may see vehicle values change as they become another year older.

He said: “While demand is a key factor in determining a car’s value, the newer a car is, the higher value it initially has so another year of a car’s lifespan could affect a vehicle’s price.”

Research from the group found that almost a quarter (23 per cent) of drivers believe that new registration plates would make second-hand cars more in demand.

Evans added: “Research into used car values found that on average in 2023 cars only retained 70 per cent of their value in the first year. But there are a few ways drivers who are thinking of selling their vehicle can retain as much value as possible.”

Regularly using a car for shorter journeys can ramp up the mileage, Evans warned. He advised drivers to travel by foot where possible to help reduce car use.

“Keeping the car in good working condition by having it serviced on a regular basis will also help to ensure the next owner has full confidence and an insight into any previous work or repairs the vehicle has had,” he suggested.

But Evans detailed how demand, availability, and the release of new number plates can all cause a car’s value to fluctuate in the market.

Number plates in the UK must meet certain requirements to be installed on vehicles. One of them is that they must be made from a reflective material with the front plate displayed in black characters on a white background and black characters on a yellow plate on the rear.

Motorists must ensure plates are marked with a British Standard number such as a "BS AU 145e” for plates fitted after September 1, 2021, or they could face fines.

However, drivers can customise their number plate without changing the registration. This can be done by having 3D-raised characters or displaying symbols or identifiers.

Other legal modifications include putting a flag on the car such as the Union Jack, Cross of St George, Cross of St Andrew and the Red Dragon of Wales.

Meanwhile, the legal identifiers available to drivers are UK (United Kingdom), GB (Great Britain), CYM (Wales), ENG (England) and SCO (Scotland).

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Vehicles can also be subject to hefty fines if they are not fitted with the correct licence plates. Under UK rules drivers could be fined up to £1,000 and fail their MOT test if they drive with incorrectly displayed number plates.