Major number plate changes launching today could see motorists lose thousands of pounds

New plates are issued twice a year - in March and September - with drivers eager to get their hands on the most up-to-date version. The "24" plate was rolled out in March.

Number plates in the UK must meet certain requirements to be installed on vehicles. One of the criteria is that they 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.

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Other requirements include ensuring plates are marked with a British Standard number such as a "BS AU 145e” for plates fitted after September 1, 2021.

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.

But, as the plates begin to be rolled, experts are warning that the vehicles can be identified as being a year older, potentially causing their value to drop.

Experts had previously warned that vehicles lose around 10 per cent of their value in the first year with drivers urged to maintain their cars to keep up with the ageing number plates.

James Hosking, director of AA Cars, said: "This month’s new '74' plates should provide a timely boost to both new and used car markets.

"This biannual event in the motoring calendar traditionally injects fresh impetus into the new car market — particularly in the private sector — as drivers rush to get the latest plates.

"With private sales dwindling in recent months, according to the SMMT, dealers will be holding out hope that September leads to a much-needed increase in demand.”

He added that despite the overall health of the new car market remainingstrong, consumers continue to show financial caution around making big purchases.

Hosking commented: "While there has also been a slowdown in UK manufacturing as factories retool for new models, forecourts still offer ample new stock, including EVs and hybrids.

“The increased availability of eco-friendly options is expanding consumer choice and driving down prices.”

“Savvy buyers can also find great deals on used cars during September’s plate change, as dealerships anticipate an influx of nearly-new vehicles and often seek to clear their existing inventory.”

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Richard Evans, head of technical services at webuyanycar, explained that the rollout of the “74” number plates could affect a vehicle’s price. He noted that drivers should continue to shop around and compare prices before settling on one.

He stated: “It's also worth checking how long a car has been on the lot, as dealers might offer better discounts on older stock. While new plates might grab the headlines, the real bargains this September could be waiting in the used car market."