Reg Plates High Value Number Plates At Record Sales Levels
A surge in so-called 'auto vanity' has lead to record numbers of personalised registration plates being sold. The Driver and Vehicle Licensing Agency (DVLA) sold a record 374,968 private registrations last year, up 12 per cent in 12 months.
The sale of personalised number plates made the treasury more than £110 million in 2016-17, a record amount for the DVLA.
Motoring groups suggested the rise in personalised registrations was a way for drivers to stand out. Private plates cost from £250 online, or can be bought at auction, and make a popular gift.
It's also suggested that the plates may be used in vanity, hiding the true age of a car with a non-year-related plate.
Around five million plates have changed hands since the DVLA began selling them in 1989. The latest figures show that 2016-17's £110 million figure represents massive growth in the last few years – up from £96.7m in 2015-16, £79.6m in 2014-15, and just £57m in 2012-13.
Sales of personalised number plates hit a record £110 million in the past financial year.
The Driver and Vehicle Licensing Agency (DVLA) said it sold 374,968 plates in the 2016/17 year – 39,968 more than in 2015/16.
The rise coincides with an increase in the number of registrations made available by the DVLA, it says, combined with a sharp rise in the value of rare plates over the past two decades.
Since the DVLA started selling personalised number plates in 1989, it has generated almost £2.5 billion for the Treasury from five million registrations.
Edmund King, president of the AA, is one of those who purchased a £250 plate for his car. He said: "People seem to be holding on to cars for longer and by having a personalised plate the car doesn't age as much as it may otherwise. There is a bit of an auto-vanity about trying to hide the age of your car."
The most expensive plate sold last year was JSK 1. It reached £56,200 at an auction in Cheltenham. It now lives on a black Mercedes-Benz.
There are currently more than 51 million plates available on the DVLA’s website, starting at £250.
But many of the more ‘exclusive’ plates are sold at higher prices – a lot higher!
Available at special auctions, the top-selling registrations have included 25 O (£518,000), 1 D (£352,000), 51 NGH (£254,000), 1 RH (£247,000) and K1 NGS (£231,000).
Jody Davies, DVLA personalised registrations senior sales manager, said: “The 2016/17 financial year was another successful year for the sale of personalised registrations, which clearly shows that they continue to be popular with motorists.
“People enjoy displaying a personalised registration number for many reasons – it’s a fun and affordable way of personalising your car.
“Recent research has shown that many customers choose to display a personalised registration as a way of marketing their business or their job, while others want it to reflect their name.”
She added: “We find many of our customers are choosing to buy them as gifts for family members.”
Plates largely come from registration numbers that were never sold or placed on vehicles when originally issued.
How much similar registration plates have sold for recently and in the past: it is always worth looking at what has been going on in the private registration plate market recently to add extra weight to the valuation of your own number plate. It is a market that is not immune from trends, so keep a close eye on what has been selling well and see if your plate has any similar features
The age of the plate: older plates tend to attract higher prices and dateless number plates (the first ones ever issued) normally call for the highest prices on the market
The plate’s rarity: if a lot of similar registration plates were issued, your plate may be less valuable. So, the relative rarity of older, dateless number plates makes them more valuable, as a whole, than newer, dated plates. Similarly, having a private plate with a word or name spelled out on it gives it a degree of rarity that would raise its value.
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