Why Customized Number Plates are expensive and how are they valued?
Customized number plates may not be everyone’s cup of tea but car enthusiasts are always on the verge of accessorizing their vehicles to add as much value as possible and no doubt customized number plates are one of the most expensive accessories that one can buy.
So, what actually are cherished number plates and how are they valued?
What is a Private Number Plate?
Private customized number plates are generally the same as regular number plates, the only difference is that you can personalize them in a number of different ways. Those different ways are the factors that actually set a value to a private number plate.
In the UK, a private number plate is also known as a prestige plate or a cherished plate.
Why Prestige Plates are Expensive?
People with adequate resources who can spend money on expensive plates, experience individuality, and stand out in the crowd of traffic often go for private custom number plates.
With the passage of time, dealers started to notice a trend in which people would actually pay a lot to get a number plate with any kind of specialty in it. After that, it became a way of investment and doing business. Dealers then started buying and selling these kinds of plates based on their certain attributes.
Since 1989, when the DVLA began selling personalized plates, an estimate of 5.9 million plates have been sold to the vehicle owners. And in this tenure of 30 years, the DVLA has earned nearly £2 billion.
However, before it all actually began, it used to be considered just luck or coincidence to get issued a number plate from DVLA that represented any kind of specialty in it hence becoming a reason for a claim to fame.
Factors that determine the value of a Number Plate:
To value a specific private registration plate requires knowledge and experience of the dealers and there is a range of factors that one should consider before proceeding to set a particular market value for a plate.
So, let’s jump straight on to the factors that make a Number Plate Worthy:
Age of the Number Plate
Age is the most common and basic attribute that affects the price of a number plate. Older plates are usually valued more because of their rare existence. Also, antiquated number plates were usually introduced as dateless plates therefore are highly desirable. These classic plates can be sold for a heavy amount to those who wish to hide their car’s age. With regards to everything that’s being said about a car’s age, registration number plates therefore considered as a great investment as their value tends to increase with time.
Fewer the Digits Better the Value
Fewer digits number plates are a great way to look distinguished and really make your car stand out in a crowd hence 1’s being the most desirable and are highly expensive. Since these number plates don’t follow the same number plate conventions as those around you, therefore, they are more valuable and expensive.
Since we are talking about the value here so why not talk about the most expensive number plate ever bought?
In 2008, Saeed Abdul Ghaffar Khouri a wealthy Abu Dhabi family member set a world record by purchasing a singular digit ‘1’ number plate for an enormous £7.25 million price tag which is currently the most expensive number plate ever to be sold. He later mentioned that “I bought the number plate because it’s the best number”.
Letters and Digits Representing a Name or Word
A private registration that represents a name or a word is something that guarantees uniqueness forever. However, for name and word number plates, the value comes from a combination of potential demand and the quality of the number from a visual point of view for that specific name or word. For example, L4 URA, Den 7IST, W4 TER, or AR53 NAL. Since not many variations of these kinds of words exist so they look appealing making them highly valuable.
There are many other minor factors that determine the value of a number plate. Each number plate has its own value from a visual point of its buyer.
If you are also feeling an urge to have a prestige number plate for your car then Reglocker is the way to go for. Reglocker provides all kinds of DVLA approved 3D and 4D plates at affordable rates. Go and get the right number plate for your car.
