Professional Community for Car Dealers, Marketing, Advertising and Sales Leaders
Many celebrities gloat having one such as Vinnie Jones (100 VJ) and Alan Sugar (AMS 1), but even ordinary people like you and me are getting on this crazy bandwagon.
So how exactly can you make money from personalized number plates? The below guide can help.
Why invest in personalized number plates?
You can make money from private number plates because their uniqueness gives them the ability to hold and increase in value.
Realistically, you are highly unlikely to find an interested customer for a randomly assigned plate, but if you can go for a short number plate; one having a special significance, you may be able to gain a whole lot of profit in the long term.
What should you buy?
When you are buying personalized plates with the sole intention of earning a profit in the long term, you should think like a businessman.
Ask yourself questions like: “what is it about number plates that interest a buyer?”
Number plates coming in the form of words are incredibly popular and can, thus, be an excellent choice for investment.
Pope John Paul II used the plate VIP 1 on his vehicle that was sold later at a staggering price of £285,000.
To be honest, you would most definitely not make as much as profit as the pope, but number plates like that are an excellent investment because chances are someone would be more than willing to cough up the bucks for the “word” you already have.
Short number plates are the best of the lot
Short number plates usually sell at a steep price and hence, can easily be your best bet to put the money on.
Tip: Short plates are expensive to acquire and usually have a high reserve price at DVLA auctions. But if your purse allows, go for them even with your eyes closed and hands tied being your back.
Go for a plate with popular initials
Many people willingly spend a lot of money to have their initials plastered on a personalized number plate. You can also do the same because it can pay off handsomely in the fairly distant future.
Go for dateless number plates
Dateless number plates can bring you a lot of long-term value provided you go for one having around 4 numbers and 3 letters in all.
What should you be aware of before taking the leap of faith?
When buying personalized number plates, make sure the seller has a genuine certificate of entitlement or a retention document.
You should also be aware of the £80 transfer charge applicable in case the seller is transferring the registration from his/her vehicle to yours.
For more information on buying and selling number plates, refer to the infographic below: