Everything you need to know about the new 74-plate registration.

When do the new car registration plates come out?

In the UK, car enthusiasts and prospective buyers eagerly await the release of new car registrations on the 1st of March and the 1st of September every year. The 74 plate registration is set to make its debut in September 2024, so here is everything you need to know about this new plate and what it means for car buyers and sellers.

Vehicles that are first registered between 1^st September 2024 and the end of February 2025 will feature the brand new ‘74’ registration plate.

The new 74 plate corresponds to the batch released in September 2024; the “7” s represent the year’s second half, while the “4” signifies the year 2024. This system ensures that the age of the vehicle can be easily determined from its plate and is therefore called an “Age Identifier” – the RAC have a full list of the registration plate identifiers over the years.

You can see how future number plates will form until 2029 in this handy table.

The current registration plate format has been in place since September 2001 with the number plate being divided into three primary alphanumeric sections, from left to right, as shown below.

What is the green strip that is on some number plates?

In 2020 Grant Shapps, the British Transport Secretary, introduced the green ‘flash’ that now appears on the number plates worn by electric vehicles. The green strip on the number plate makes it easier for EVs to be identified, the distinct marking also facilitates the implementation of various incentives and policies by authorities.

For instance, it allows for the monitoring of electric vehicle adoption rates and the enforcement of EV-specific benefits, such as reduced parking fees, access to low-emission zones, and eligibility for Government grants.

Additionally, the green flash promotes environmental awareness by visibly showcasing the growing presence of eco-friendly vehicles on the road. All of these contribute to the ongoing Government plan to ban the sale of petrol and diesel cars by 2030 and to be carbon neutral by 2050.

What are the current laws around number plates?

There are various laws around number plates that, if not followed, could result in fines. Gov.uk states that number plates must [2] :

• be made from reflective material
• display black text on a white background (front plate)
• display back text on a yellow background (rear plate)
• not have a background pattern
• be marked to show who supplied the number plate
• be marked with a British Standard number – this is ‘BS AU 145e[AB1] ’ for plates fitted after 1 September 2021

The characters must not be removable or reflective. If your number plates were fitted after 1 September 2021, they must also be a single shade of black.

Your number plates can also:

• have 3D (raised) characters
• display certain flags, symbols and identifiers
• display a green flash, if you have a zero-emission vehicle.

Do I have to buy a new car to get the 74-plate reg?

You don’t have to buy a new car to get the new registration. Anyone can buy a 74-plate registration if they want to as it provides a whole host of personalisation options.

However, if you buy the new registration, you won’t be able to fit it into a vehicle registered before 1^st September 2024, as the rules state that a number plate cannot make a vehicle look newer than its age. That said, there’s nothing to stop people from snapping up the personalised registration they’ve had their eye on and keeping it on retention until they buy a vehicle in the future that they’d like to put it on.

Personalised registrations can be retained for as long as necessary and the DVLA issues 10 years retention with no future fees to renew the plate. However, it’s important to check the expiry date of the registration certificate as if it is not assigned to a vehicle, the rights to the registration will be lost if not renewed. Visit the DVLA to retain your number plate.

The impact of the new 74-plate on the automotive industry

The introduction of the new 74 registration plate is more than just a change in numbers – it’s an event that sends ripples through the automotive industry. Let’s explore how this seemingly simple update affects various aspects of the car market.

Sales boom for dealerships

September is always an exciting month in the car sales calendar, and the arrival of the 74 plate is set to make it even more so. Dealerships across the country are gearing up for a significant boost in sales. Many buyers deliberately hold off on their purchases to secure a vehicle with the latest plate, viewing it as a status symbol or a mark of a newer model.

Will the new registration affect used prices?

The anticipation around the new 74-plate dealership stock means that some dealers may reduce prices on their existing stock to make room, so it could be the perfect time to shop around for a used car.

Special promotions, limited time offers, and pre-order incentives are likely to become more available as dealers try to shift stock. Some savvy dealers might even push “beat the rush” deals just before the plate change, appealing to those who want a bargain on the outgoing plate.  

It’s important to keep up to date with what’s going on in the market to ensure you can get the best price when buying a car – our blog ‘7 Ways to get a good deal when buying a used car’ has all the tips and tricks you will need.

Value and depreciation

New registration plates can affect the resale value of cars. Vehicles with the latest plates are perceived as newer and more desirable, which can translate to higher resale values compared to those with older plates. This “new plate premium” can give dealers an opportunity to charge more for the latest models.

On the other hand, as buyers flock to the new plate, the value of used cars with the previous registration (in this case, the 73 plate) may experience a slight dip. Dealers often have to offer lower prices to remain competitive and clear out their existing stock before it becomes even harder to shift.

The depreciation occurs even if the car itself hasn’t changed or aged significantly. According to car selling platform Motorway, the average car will depreciate the most in its first year of ownership – generally, the drop will be around 15-35% in the first 12 months. And that will continue to rise up to 50% or more over three years [1]. The introduction of a new plate can accelerate this depreciation curve for outgoing models.

It’s worth noting that the scale of these value shifts can vary depending on the specific make, model and condition of the vehicle. Newer, more in-demand cars may see a bigger “new plate premium” than older, less popular models. Dealers who carefully monitor pricing trends can adjust their forecourt valuations accordingly.

Does the new registration affect my car warranty?

Although you may not think the new registration has any bearing on your current vehicle, its introduction may be a good indication that your manufacturer’s warranty could be due to expire in the next few months – if this is the case, be prepared and get an extended car warranty quote and buy online today.

All new cars come with a manufacturer’s warranty that usually lasts between three and seven years, so if you have bought a new vehicle during that period, it’s a good idea to check your warranty to ensure you’re still protected.

References

[1] Motorway. (n.d.). Car depreciation guide: How much will a car lose in value? Retrieved August 7, 2024, from https://motorway.co.uk/sell-my-car/guides/car-depreciation-guide

[2] HM Government. (n.d.). Rules for number plates. GOV.UK. Retrieved August 7, 2024, from https://www.gov.uk/displaying-number-plates/rules-number-plates