Yes, the decals on our bikes are applied over the paint and can be easily changed. If new colors become available you have the option of updating the design of an older model to match the current one.
The decals are easiest to remove if you warm them up slightly beforehand with a hair dryer. Then they can be more easily peeled off. Before applying new decals, the frame should be cleaned with rubbing alcohol so that it's free of dirt and grease.