Motorists could face a swift financial hit with the upcoming number plate changes set to be introduced on September 1, which will see new cars sporting the "74" identifier at dealerships nationwide. This follows the "24" plate that came out in March as part of the biannual update.
However, those looking to sell used cars might find themselves at a disadvantage as vehicle values often drop with age. Experts from Cuvva warn that a new car can depreciate by about 10 per cent immediately after leaving the dealership and potentially up to 60 per cent within three years.
Darryl Bowman from Cuvva advises: "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."
From September, the 74 plate is composed of the third and fourth characters on a plate, and it's one of three elements that makeup a standard number plate. These consist of two letters that represent the region the car was registered in (for example, L for London and then M for the Borehamwood area), reports Birmingham Live.
They also include two numbers that represent when the car was registered (in this case, 74 for September 2024 to March 2025) and also a set of three randomly generated letters.
