How to Sell Your Personalized Reg Plates

Summary

Personalized car registration plates often appreciate in value, making them a valuable asset. This guide provides detailed steps on how to sell your personalized number plates, from deciding to sell, to advertising, and completing the necessary paperwork. Learn how to navigate the process smoothly and maximize your returns.

The Value of Personalized Plates

Car registrations are one of the few aspects of motoring that tend to increase in value over time. According to the DVLA, the market for personalized plates in the UK is worth over £2 billion annually. If you own personalized plates, they are likely worth more now than when you first purchased them. Many people sell their personalized car registrations to fund vacations, new ventures, or other financial goals.

Deciding to Sell

Before you decide to sell your personalized plates, consider the following:

• Irreversibility: Once sold, buying back the same plate can be difficult and costly.
• Legacy: Personalized plates can be kept for life and passed down to younger generations or other family members.

Advertising Your Plates

Once you've decided to sell, the next step is to advertise your plates. Here are some effective methods:

Online Marketplaces

Websites like Regtransfers and National Numbers specialize in buying and selling personalized plates. These platforms offer a wide audience and professional assistance.

Number Plate Dealerships

Using a number plate dealership can be advantageous. These dealers have industry knowledge and can help secure the best price for your registration. Their services are often free, and they handle all the relevant paperwork, making the process more secure and hassle-free.

Traditional Advertising

You can also place ads in local and national newspapers. However, this method may not reach as wide an audience as online platforms or dealerships.

Transfer Methods

Personalized plates can be sold while still assigned to a vehicle or when held on retention. Here are the two main methods:

Vehicle-to-Vehicle Transfer

For a direct vehicle-to-vehicle transfer, you'll need to complete form V317, available from your local DVLA or Post Office. Your application must include:

• V5 log book for both the donor and receiving vehicle
• MOT certificates if applicable
• Both vehicles must be taxed (licensing applications for untaxed vehicles can be made simultaneously)

Retention

To put a car registration on retention, complete form V778/1, also available from local DVLA offices and Post Offices. Your application must include:

• V5 log book for the donor vehicle
• MOT certificate if applicable
• New nominee name of the purchaser

Costs Involved

• Vehicle-to-Vehicle Transfer: £80
• Retention: £105

Both fees are payable to the DVLA at the time of your application.

Factors Influencing Sale Time

The time it takes to sell a number plate can vary. Key factors include:

• Rarity: Rare, dateless registrations tend to sell faster.
• Popularity: Plates with popular names or initials are in higher demand.
• Price: Generally, cheaper plates sell quicker. However, for rare or highly desirable plates, it may be worth holding out for a better price.

Interesting Stats

• The most expensive personalized plate ever sold in the UK was "25 O," which fetched £518,000 in 2014 (Source: BBC).
• The DVLA has sold over 4.5 million personalized plates since it started offering them in 1989 (Source: DVLA).

Conclusion

Selling your personalized car registration plates can be a straightforward and profitable process if you follow the right steps. By deciding carefully, advertising effectively, and understanding the transfer methods and costs involved, you can maximize your returns and ensure a smooth transaction.