What you need to know about 74 reg plates

74 reg plates explained

The 74 reg plates follow the standard format used by the DVLA, where the first two letters represent the local area identifier, the following two digits indicate the age identifier and the final three letters are random. For example, a vehicle registered in September 2024 might bear a plate like "AB74 XYZ." The "74" signifies the period in which the vehicle was registered, offering a straightforward method to determine the vehicle's age at a glance.

When will the 74 reg plates be available?

The 74 registration plates will be officially available from September 1, 2024. As is customary, the DVLA (Driver and Vehicle Licensing Agency) introduces new registration plates twice a year: in March and September. The September release marks the second batch for the year, following the 24 plates released in March. This biannual update ensures a continual refresh of vehicle registrations, facilitating easier identification of the vehicle's age.

How do 74 plates influence car value?

The registration plate of a vehicle can significantly influence its value. Newer registration plates, such as the 74 reg plates, typically increase a car's value compared to older models with previous registration numbers. This is because the age of the vehicle is a critical factor in determining its depreciation rate. Vehicles with the latest registration plates are perceived as more modern and technologically up-to-date, thus commanding higher resale values. Moreover, for businesses, owning vehicles with the latest reg plates can enhance the company’s image, suggesting a modern and well-maintained fleet.

How do the DVLA 74 reg plates work?

The DVLA manages the issuance of registration plates in the UK. When a vehicle is registered, either for the first time or upon transfer of ownership, the DVLA assigns a registration number based on the current format and available combinations. For the 74 reg plates, the process remains consistent: vehicle buyers will receive plates with the "74" identifier when registering a new vehicle from September 1, 2024. This systematic approach ensures a structured and recognizable method for tracking and identifying vehicles on UK roads.

What are the rules around 74 reg plates?

Several rules govern the issuance and use of 74 reg plates:

1. Eligibility: Only vehicles registered from September 1, 2024, onwards are eligible for the 74 reg plates.
2. Display: The plates must be displayed in a clear, legible manner as per DVLA standards, including proper spacing and font.
3. Customisation: While personalised plates can be purchased, they must still adhere to DVLA regulations regarding format and content.
4. Transferability: Plates can be transferred between vehicles, provided the proper documentation and fees are submitted to the DVLA.

What finance options do businesses have for new 74 plate vehicles?

• Hire Purchase (HP): This allows businesses to spread the cost of the vehicle over a period, with fixed monthly payments. Ownership is transferred once the final payment is made.
• Finance Lease: The business leases the vehicle for an agreed period, paying rentals. At the end of the term, the vehicle can be sold, and a percentage of the sale proceeds returned to the business.
• Contract Hire: This is essentially a long-term rental agreement. Businesses pay a fixed monthly fee and return the vehicle at the end of the contract term, without the option to purchase.
• Operating Lease: The business leases the vehicle without the intention of ownership, typically for a shorter term than a finance lease.

If you need any more information, email  enquiries@maffinancegroup.co.uk, call 0115 958 6872 or fill in an enquiry form below.