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.
When you are getting a valuation for your private registration number, think about the fact that certain types of number plate match will lead to much higher worth. These include plates that represent names, initials, models or makes of cars, or words.
The rarity and desirability of any combination of letters and numbers on a registration plate will essentially determine its value on the market. Bear in mind that there is only one version of every number plate in existence, so each is basically rare because it’s unique. But its value requires more than that exclusivity, it must also be worth something to somebody else. People will pay more for a good representation of their name than they will for an average representation of their initials, for instance, so how well a number plate depicts the word, interest, name or initials in question can add or subtract £hundreds or even more from its price tag.
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