Is Your Reg Plate Worth More Than Your Car
When you can afford every new supercar in the world, the only thing that will set you above the rest of your equals is the numberplate – and in Dubai that means shelling out millions.
Due to an enormous increase in demand, Dubai's Roads and Transport Authority (RTA) has begun hosting auctions where businessmen compete to adorn their luxury supercars with a much-prized "vanity plate".
The auctions opened in Dubai last week, and in the last three public openings alone the RTA has raised a jaw-dropping $50.3 million dollars.
The most expensive plate ever auctioned off – which simply reads "No 1" – was sold to Emirati businessman Saeed Abdul Ghafar Al Khouri for a staggering $18.6 million in 2008.
Other big buys include "D5", which was purchased for $11.7 million by property developer Balwinder Sahni, and "No 5", which was picked up for a cool $8.9 million by 25-year-old prince Talal Ali Mohammad Khouri.
Single numbers and letters often go for the highest prices, with many bidders keen to secure a plate that's instantly distinctive – a feat that's easier said than done in a city that boasts more than 26,000 millionaires, and where supercars are regularly left to collect dust.
To put these figures in comparison, the average Aussie wishing to bolt custom plates to their car is slugged $448 a year, a fee high enough to put most motorists off even considering it.
But for a certain sect of Dubai-based billionaires, the ownership of a unique numberplate is more than simply having a nice-looking car – it's about showing others that you're richer than them.
Bidders at the RTA auctions will frequently get into heated bidding wars, often raising the price of the number plate far above any vehicle they could hope to put it on.
According to Sultan Al Marzouqi, director of vehicle licensing at the RTA, the auctions aren't just a way for Dubai's businessman to flash their cash – they're also a valuable source of income for the government department.
"Auctions help generate revenue for RTA's never ending infrastructure projects," Al Marzouqi told the Khaleej Times.
"Lots of people buy those numbers for trading or investment purposes, or they are regarded as a statement of individuality - of being unique and special."
Some bidders say that these ultra-expensive plates have special meaning – for instance, Balwinder Sahini says he fought so hard for the coveted "D5" plate because it's his "lucky number".
For others, it’s simply a good investment because while you cannot guarantee the plate will hold its worth, you can guarantee that it will hold its exclusivity.
"It is a good investment I am making and I advise others to put their money in unique numberplates," said entrepreneur Waleed Abdul Khader, after dropping a cool $1.3 million on the plate "018".
Remember that, despite valuations and estimates, a private number plate is only worth as much as someone will pay for it. You may have loved your personalised number plate because it contains your initials, for example, but if there aren’t many other people with your initials, the plate’s value may be minimal. On the other hand, if you have a plate whose letters contain common or popular names, you may well find that it is in high demand on the market.
Some criteria to consider when valuing a personalised car number plate
Take into account the following criteria when trying to come up with a valuation for your private number plate. You need to look at them all together if you want a realistic price, so you can’t just pick and choose the factors that favour your number plate!
Established For Over 25 Years
the Cherished Numbers Guild
- Free transfer service - your paperwork is handled by our trained team
- Over 25 years expertise - long established and trusted company
- DVLA Recognised Reseller - linked directly from the DVLA website
- DVLA Registered Number Plate Supplier - in line with all DVLA & MOT regulations