What Is My Private Registration Plate Worth?
How much is my private number plate worth?
This is a question we get asked every single day, and although by now we’re pretty well versed with our responses, it’s still a tough question to answer.
Like anything else, a private reg plate is only worth as much as someone is willing to pay for it, however, what really matters is getting your plate in front of the right person.
What I mean by that is, if you were to ask me how much I’d be willing to pay for the registration P3 TER, I’d tell you not much as it’s meaningless to me.
However, if you were to ask the serial entrepreneur and BBC Dragon Peter Jones, he might well be willing to hand over that huge pile of money he keeps on his little table on the TV show Dragon’s Den!
Clearly then, getting your plate in front of the right buyer that your registration has a meaning to is crucial, but what other factors determine how much a private reg is worth?
• The plates ‘competition.’
This is, in our opinion, the single most important factor to consider when valuing a private number plate. If, for example, you’re selling the plate JW03 BMW, then you should search across the DVLA, and across dealer websites to see if there are similar number plates being offered for sale. If you were to see JW02 BMW and JW04 BMW both being advertised for sale at £250 from the DVLA, then you couldn’t really expect to sell your plate for much more than this. Why would somebody pay £1,000 for the 03 plate over the 02 or 04 plates?
• Legibility and length.
Another factor is how clear the plate is. Generally speaking, the less you have to think about what a number plate reads, or the shorter the plate, the better, although this is not always strictly true.
Registrations that need to be tampered with or misspaced to read anything are obviously nowhere near as desirable or valuable as those that don’t either. Driving around with a misspaced plate or conveniently placed screw just to make the plate look like something is not a good look and puts you at risk of a £1000 fine.
• The meaning of the plate and it’s popularity.
Clearly, the P3 TER plate above is more popular and therefore desirable to more people than N1 SHA for example. While these are both perfect representations of peoples names and are both very appealing in their own right, you can expect that P3 TER would fetch a much higher price simply because of supply and demand.
The plate P3 TER is in very short supply as there’s only 1, and high demand as there’re hundreds of thousands of people with the name Peter in the UK. There is, of course, also only one N1 SHA plate too so the supply is the same; however, there will be much less demand as Nisha is not as popular a name.
• The characters that make up the plate.
It goes without saying that if your plate has common initials in it such as A1 DMB, then it’s likely to appeal to more people than A1 XVU. Again due to the laws of supply and demand, you can expect this to sell for more.
• The age and style of the plate.
In most cases, dateless registrations are more valuable than Suffix, Prefix or Current style plates. Dateless plates with letters before numbers are usually more expensive than the other way around too. Do take this with a pinch of salt though and apply logic by bearing in mind the other factors we’ve mentioned.
• The urgency to sell.
This is another of the most important elements that go into valuing your number plate. If you’re happy to wait for months or even years for the right buyer to come along and pay the right price, then you can hold out for the best price. If, however, you’re in a rush to sell, then you’re probably going to have to accept a considerably lower value for your plate.
Still not sure?
Don’t worry, using our years of industry experience, we can tell you exactly what we think your plate is worth with an independent, impartial valuation.
We carry out extensive research, taking into account all of the above factors and more, to give you a realistic indication of the value of your registration.
If you’d like us to do this, there are two options to consider:
1. If you plan to sell your registration, then it’s worth looking at placing a Premium Advert with us, as we offer free valuations with all Premium Adverts placed on our site. These are available from just £9.95 per month.
2. If you just want an appraisal of your reg and don’t necessarily want to sell it, then we do have a standalone valuations service, where we’ll just value the plate and send you a valuation certificate for only £9.99.
We hope you found this post useful. If you’d like to read more content like this, click here to download our free guide to valuing any number plate!
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June 05, 2014
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