People in the UK may see changes in the value of their cars as the new 74 number plates come onto the market.

The 74 number plates are set to be released from September 1, and drivers are being warned this could affect the value of their vehicles.

Richard Evans, head of technical services at webuyanycar, said: "Whilst 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.

"Our research showed that almost a quarter (23 per cent) of drivers believe that new registration plates make secondhand cars more in demand."

According to research into used car values, cars only retained 70 per cent of their value in the first year of ownership in 2023, said Mr Evans.

Mr Evans said: "Regularly using a car for shorter journeys can ramp up the mileage, so travelling on foot where possible can help to keep it down.

"Keeping the car in a 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 highlighted that demand, availability, and the release of new number plates can all cause a car’s value to fluctuate in the market and pointed to webuyanycar's valuation tool for drivers to see how much their car could be worth.