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Ever since the Driving Vehicle Licensing Agency (DVLA) approved private numbers and started to auction them, these types of license plates have become more popular than ever. According to data, over 1.2 billion private plates have been sold to date. Well, if you are wondering, buying a personalized plate is a relatively simple process, but there are several factors you need to take in mind in order to make an informed decision.
Why buy a private plate?
First and foremost, is a private plate a good investment? Well, most people who spend money on personalized number plates do it for fun and view it as a distinct way to add a personal touch to their vehicles.
Others think they are cleaner and neater compared to the standard seven-character registration numbers. However, others see it as an investment, buying them in the hope that their value will increase over time. If that final point described you, then this article is for you as it covers some of the most important things to know before you dive in.
Will the price rise or fall in the future
It goes without saying that you need to do your research and take a closer look at the plate as well as its possible future value. Take a look at New Reg to find out more about private plates.
As with most things in life, the value of a custom number plate can rise or fall. And even when it does go up, it’s not likely for the value to accelerate as with other forms of investment in this day and age.
As such, you need to practice the patience virtue and be ready to wait for a number of years or even decades before getting a substantial return on income.
The type of plates that usually rise in value as short numbers such as RR 1, 25 0, and S 1, specific names like JAM 33S, B1 LLY, and the like. Also, there are custom names that will cost more to buy in the first instance, which explains why most car owners will purchase them for fun or love instead of money-making purposes.
There is no denying that private numbers are a luxury and their value can be easily affected, especially during times like this when the economy is not at its best. Additionally, finding the best buyer, one who’s prepared to pay the price you want can be an arduous and time-consuming process.
The Benefits of Having a Personalized Number Plate
Unlike other valuable possessions, you do not have to keep your number plate in a vault where it can be seen. You do not need to insure it in case of damage, theft, or loss and the registration will never be outdated.
Once you have the registration, you can hold the DVLA-issued document for a decade and renew it as the expiry date approaches. Also, you can easily have it registered to a vehicle and have the owners use it on a regular basis.
Tips for buying your plate
Looking to Buy a Private Number Plate as a Long-term Purchase?
If so, then these tips should come in handy for your next investment.
1. Have a Budget and Stick to It
Never give in to the temptation of buying a plate that you cannot afford. The more rare a combination of a custom plate is, the more expensive it will be. Similarly, the common or more popular initials for a word or name will call for more money given the demand.
2. Do Extensive Homework
When it comes to buying a private number plate, the last thing you want is to confine yourself to a single source. When doing such a substantial investment, it’s best to deal with fully accredited organizations.
With these tips, you should be in a position to make an informed decision in regard to buying personalised private plates.