Why is my Dell Printer V313W not printing in colour?

My Dell Printer V313W is not printing in colour. Does the ink/cartridge have a shelf lif? If so, how long? It says that the cartridge installed is half full. It is also saying the black ink is now low. At the moment its printing faded grey and in only one third of the page. Would this be fixed by replacing all the ink cartridges?
Any help or advice would be greatly appreciated.

Thank you