Selling your Private Number Plate? Where do you start? You have a private number plate that you may have bought years ago or maybe inherited from a vehicle that you have bought or it may have been given to you as a gift. How much is it worth? How much should I ask for it? What will it cost me to sell it? How long will it take to sell? These are the most popular questions we are asked on a daily basis. In essence, it is a minefield to those who are not involved on a daily basis, and with that in mind, you could get duped into selling for too little.
Firstly, you will need to ascertain the value of number plate in question. This isn’t rocket science, to coin a phrase. Simply put yourself in the shoes of a buyer. What is a buyer going to do? Well you can be sure they will trawl the web for the cheapest combination of that plate that they can find and then try to buy it that little bit cheaper. So do the same thing. Find plates that are similar to the one you are considering selling and make a note of the prices. Use the list of suggestions below and you will have all the ammunition that you need to get the wheels in motion.
Check what is currently on the market.
See how long similar plates are taking to sell.
Check the prices of similar registration numbers.
See if the registration plate resemble a word/name.
You may have had your private plate valued by other companies and you may find you are receiving conflicting information. This is commonplace within the industry as there is no hard and fast guide value to a number plate. Some will value higher than others for various reasons as mentioned earlier. Experienced brokers will have years of records and data to relate to in order to evaluate a true valuation. The real test is in how long a plate takes to sell. Generally speaking if a plate has been for sale for more than six to nine months there is almost certainly a problem with either the popularity of the letters or the price. Its normally the latter as a dealer valuation will probably include the commission being charged. If the commission is too high, or the number plate valuation is outrageous it could prevent your registration number being sold. Always ask the number plate dealer concerned what they are likely to retail the number plate for.
Now that you are armed with all this valuable information you can pop your plate for sale amongst the other 34 million plates for sale, but don’t hold your breath.