Making Money From a Private Number Plate

Private Number Plates

Private number plates have become noticeably common and popular since decades. Many celebrities along with other professionals are boasting one. For example, Vinnie Jones owns 100 VJ, Alan Sugar owns AMS 1, etc. The craze is ever increasing with the fantastically unique combination of letters and number that surely snatch all attention.

In 2006 January, the DVLA got £254,000 for a number plate that showed ’51 NGH’. In 2009 March, £352,000 was paid for the number plate that showed ‘1D’. Now, these plates are worth much more.

You can make quite a lot of money from the private number plates. HOW?

Each number plate is unique and different from others. If you buy a short plate number, one with special importance or is dateless, there is a chance to make a long-term profit. Nowadays, short plate numbers have gained much popularity.

You must think from the perspective of a buyer for making money from the personalized number plates.

Few queries should be clearly answered:

What makes a buyer interested in a number plate?

Personalized number plates that can be read as words are extremely popular. They are good investments. Pope John Paul 11 used to have a cherished number plate that read ‘VIP 1’ on his popemobile. It was sold for a hoping amount of £285,000.

You can purchase a number plate that has famous initials:

Many people wish to have their initials carved on the number plates and they don’t mind spending the asked amount of money. If you can find a buyer who has the same initials and is interested in buying your number plate, then you have a fair chance to earn a good amount. Stay away from buying a private plate that has uncommon initials such as alphabet X. it can make it difficult to make money from the resale of the number plate. But novelty plate purchasers would love to buy combinations like ‘XTRA’, ‘XXXX’, ‘4X’, etc.

Short number plates are good to buy:

It is expensive to get a short number plate. If you attend the DVLA auctions, you will see that these plates have high reserve prices.

What about dateless number plates?

These plates are craved by many especially, ones up to four numbers and three letters. The new ones are available at the DVLA auction. Be careful about the age identifier. Also, check if the spacing and letters are edited as this is not legally allowed.

Never buy offensive number plates:

Be careful of the plates that can spell offensive words or sex intonations and vulgarity.

Be sure that the seller of the number plate possesses a genuine V750 certificate of entitlement, or, V778 retention document. Also, check if it is signed by the exact person whose name is mentioned at the top of the specific certificate. Only the person named on the documents has the right to assign the personalized number plate. There is a transfer charge of £80 if the seller is transferring his/her personal number plate to your car. Both the vehicles should be registered with the DVLA, possess an MOT certificate and are available for inspection.

Both the seller and the buyer should complete V317. If your plan is not to use the custom number plate on your vehicle, then you should pay for retaining the registration number.

Buying directly from the DVLA Personalised Registrations website can help you make money for resale of number plates. But, the most valuable cherished number plates are likely to be sold at DVLA auctions that are held 6 times in a year. In each auction, there are 1500 wanted number plates displayed for sale. Each plate has a reserve price where people can bid for receiving a brand new registration number.

Again, if you fail to find your desired combination of letters and numbers on the website of the DVLA, you can place a request to the DVLA directly. If the particular number plate is open and ready, it can be placed at the future auction held by the DVLA. You can take a look at the local newspaper and advertising sites for the wanted number plate too.

Never forget to do price comparison concerning the similar plates. If a company offers you to buy your number plate, make sure whether it is purchasing it to sell it further for a commission or having it for the sake of stock.

Advertising can help you reach potential buyers. Gather information about the similar number plates to make sure that you are pricing your plate sensibly to gain a good profit. After finding a buyer, get the money before handing over the certificates and assigning the registration plate.

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