Mar 30, 2015
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Private Number Plates – Can They Really Earn You Money?

It’s probably fair to say that pretty much every motorist on the roads right now up and down the UK can understand the appeal of personal number plates. Having been around for generations and come to be known as something of a status symbol and a sign of taste, there’s really no disputing the way in which a private plate really can add a new dynamic to any car of any age. And what’s more, there’s much to be said for the appeal of coming up with a plate that’s 100% unique to you and 100% your own work, which to some represents the kind of reward money alone cannot buy.

But at the same time, there will always be those who buy private plates for no reason other to make money both short and long term. Chances are most will have come across a few stories in their time of plates selling for quite crazy sums of money and making huge profits for those selling them, who may have paid little to nothing for them in the first place. What’s more, it’s also pretty clear that general demand for private plates across the UK has never been higher, with an estimated £2.3 billion having been spent on number plates in the year 2012 alone. And in terms of value, there was a record-breaking private plate sale in 2014 that saw a unique plate change hands for £518,000, which pretty much sums up in a single point how strong the appeal and demand for the very best plates on the market really is.

Of course, this doesn’t necessarily mean that anyone’s going to be able to choose any old plate at random and make a small fortune – most plates will appreciate in value modestly at best. According to britishcarregistrations.co.uk however, there are ways and means to make sure your own plate isn’t a dud when the time comes to sell it on, which all comes down to the choices you make when selecting that all-important combination of numbers and letters.

Private Number Plates – Can They Really Earn You Money?

Making the Right Choice

When it comes to making the right choice from the perspective of a person looking to make money from their plates, it all comes down to choosing something that has widespread appeal and yet is unlike anything else. There are certain rules of thumb to follow, which include favouring letters toward the beginning of the alphabet and choosing plates with as few letters and numbers as possible. 1A for example is one of the most expensive plates ever made, while 2 GLA wouldn’t be worth even a fraction as much. One of the very best ways of getting a good insight into what sells for the higher prices is to actually get online and take a look at private number plate auctions to see which combinations of letters and numbers are fetching the big bucks. Once you get an idea, there’s a good chance you might be able to find something along similar lines for next to nothing…assuming of course you inject a little creativity.

Buy Early

One of the most important rules of all to follow when it comes to buying private plates for the purposes of reselling is to buy the plates you’re interested in as quickly as possible. When a plate is first put up for sale, it can be bought for a set price in accordance with the value placed on it by the initial vendor. After this however, plates tend to be resold for much higher prices or may even be sold at auction, which can lead to the kind of bidding wars that see plates sell for way, way more than their original selling prices.

As such, in every instance it’s a case of getting in there as early as you possibly can in order to make sure you pay as little as possible for any plates that take your fancy. Take your time when it comes to finding the right specimen, but as soon as you locate it, buy it up before anyone else does.

Selling Your Plates

While it can be tempting to just stick a huge price on your plate and try and sell it privately, this is rarely the most advisable route for getting the best results. Instead, you might want to think about enlisting the help of a professional online private plate selling business, or perhaps putting the plate up for sale by way of an auction. In either instance, a little help from a professional selling service goes a long way.

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