There is definitely money to be made in the private number plate business. With the plate ’25 O’ selling for £518,000 in 2014 at a DVLA auction, this could be the right time for you to make money through your own private number plate.
It isn’t an easy ride, the first thing you need to do is have your number plate valued. Although this may seem simple it isn’t always accurate. With experts having over 30 years of valuating plates, they still clash heads sometimes when it comes to estimating a price and can get it wholly wrong.
Like anything at an auction, a plate is worth what a buyer is willing to pay for it. There are always particular trends at different times in the market and what some people find valuable, others may not, it just depends on how many people your plate sparks interest with. Generic initials like the one on our Project 106 GTi regularly gain interest because they have a wider market. If it’s popular initials then chances are several people across the country will have the same initials and therefore the market expands.
However, if the market is saturated with similar plates then this devalues yours. Along with this, just because a number plate looks interesting e.g. 6 BBB it doesn’t necessarily mean that it will sell well, that’s because not many people have the initials BBB and so there is little shared interest.
Another factor to consider when selling a private number plate is the speed at which it sells. This usually varies too depending on the plate and how popular it is. There will always be a market for initials, especially popular ones, however some plates take longer to sell. Funny phrases and words that people have come up with tend to have a smaller market and take longer to sell, as not everyone will find them funny.
Another possible problem that you may reach when trying to sell are the lack of places available to sell a private number plate. The DVLA sells brand new private plates, but if you are looking for a place to sell your second hand one there are only a few options…
Probably the quickest and easiest way to sell your plate is through a private plate specialist such as New Reg. Companies such as this one will look for a buyer and advertise your plate. You will have to pay for this method, however NewReg.co.uk promise the lowest price in the UK meaning you will receive the best price guaranteed.
You can also sell your private number plate through auction sites such as eBay. You can put down your own reserve price so that the plate goes for no less than the minimum price selected. The problem with this however is finding the right buyer for your plate.
If you have no expertise in this area then it will purely be down to luck finding the right person wanting to pay the right price for your plate. Likewise, if there is little to no interest then you may not make a sale at all.
If you’re looking for the lowest cost option for selling your number plate then private maybe the way to go. You will have to find your own ways of selling the plate whether that’s via a selling site, on social media or local ads. This means you can determine your own price and you will only sell it for the right amount.
This method is probably the most difficult of all as specialist buyers may not be seeing your ad and many prospective buyers could go amiss.
Sadly our stylish photo plates aren’t road legal 😉