Every part of your car is obviously valuable. If you’re considering selling your private number plate, then you must have wondered “How much is my private number plate worth?” You just might be surprised at how much your private plate could be worth.
Personalized private plates are a fun investment that can fetch you lots of cash: anywhere from a hundred dollars to even tens of thousands of dollars. The most important thing is to ensure that your value and asking price are right.
There are several factors that, when considered carefully, will help you accurately determine the value of your personalized number plate. These factors are outlined below; take note that you can’t consider just one single factor, but all factors collectively.
What Are the Factors That Determine Your Number Plate’s Value?
1. Names and Numbers
Private number plates that spell out a number, word, name, or phrase are always expected to be of more value than a standard registered number plate. The cumulative amount of the numbers and letters also determines the final worth of the number plates; shorter plates tend to cost more.
Name number plates are worth a lot, and for several reasons. Plates with full names are typically tougher to create, and as such are worth more. Shortened names are usually in greater demand due to their popularity.
Names with accents and signs that are difficult to make also tend to cost a lot. Number plates with easily recognizable names in them also have an increased value.
Different styles of number plates have been designed and used over the years. As such, vintage or classic number plates tend to cost more than their modern counterparts. Typically the modern styles don't cost much, unless they form a good word or name.
Suffix and prefix number plates are higher in value since they are quite scarce. Dateless number plates can qualify as classics, since they were only issued until 1963. A dateless plate also does not include age identifiers.
Single numbers and double digits tend to cost more, as well as popular numbers.
The value of a number plate sometimes depends on the style of the number plate. How low a number is and the number of figures also contribute to the appeal of a number plate. For example, a number plate with a 4 is more appealing than one with 375.
2. The Rarity Of The Private Number Plate
Private number plates tend to be higher in value based on the issuance period. Unique number plates are higher in value than their regular counterparts. A rare name, word, or number tends to have an increased value too, regardless of the style or year. The rare value of a private number plate greatly increases its worth in cash.
3. Age Of A Private Plate
The age of a private number plate is another factor that can positively increase its value. For example, shorter number plates tend to be more valuable since they are older and harder to find. They’re older than a decade, and as such are rare.
4. Letter Type
Number plates with common initials or initials mixed with numbers can cost more, depending on market demand. The combinations of letters and their positions, as well as popular initials, all contribute to the plate’s value.
Number plates with initials sometimes aren’t worth a lot since there are more private plate choices with initials.
5. Price Trends
Market and industry trends contribute to the overall private plate valuation. Keeping up to date with the market trends, as well as researching, will give you a good idea of how much your number plate is worth.
Since seller prices can also differ due to what they feel their stock is worth, be sure to look out for different selling sources in order to find a middle ground.
6. Match Quality
The match quality of a number plate goes a long way in determining its value. The match quality is simply defined as the correlation of a word, registration, plate style, or name. The names or other lettered factors should match first before considering other factors such as the rarity or age of the number plate.
Some factors that can affect the match quality of a number plate include redundant characters, spelling variations, and how suitable it is to substitute a number with a name or vice versa.
7. Word number plates
Just like with number plates, the lettering and meaning of a word affects the value of the plate. Words that aren't primarily in English tend to cost more, as long as they aren't abusive or illegal. While their demand is not as high as that of the name number plates, they tend to jump in value when combined with numbers.
How To Find The Value Of Your Number Plate
Perhaps you’ve only just noticed that your number plate spells a name or word or even numbers related to a vehicle. There’s a way to check -just to be sure- before you place a market value on your plate.
To determine what type of number plate you have, first run a Google search. A Google search will provide enough information to help you determine what type of number plate you have.
We suggest that the first thing you should do is search your plate number, both as a whole and in sections. Although this seems like an obvious thing to do, many people skip this step thinking that they know best. A simple search might reveal a meaning that you hadn’t considered.
Another step is to have your plate evaluated by professionals. They can either do this in person or over the phone.
How Much Is My Private Number Plate Worth?
A private number plate can be worth so little or so much depending on what type of number plate you own. Getting a valuation to determine an accurate market price for your registration plates is extremely easy. Before you even think of setting your price, you need to be absolutely sure of “How much is my private number plate worth?”.
The first step is to do proper market research, and to arm yourself with the knowledge that you need on number plates, as well as the factors that determine its value to quickly attract potential buyers.