Number Plate Stories
Valuing your number plate
There are many factors to consider when finding out how much your number plate is worth. Its age, rareness, lowness of number, popularity of name or initials (if relevant) and current price trends, are the most significant.
If, for instance you have the number B 5, one of the earliest number plates issued, it is likely that its value is quite high because it is 100 years old, it is a short sequence and the number is low. Plates like this are rare. Because of these reasons, more people are likely to want this type of number, which in the end is what dictates the prices they go for, as shown time and time again at DVLA auctions. The number plate SCR 4P, for example, sold for £54,000 in 2005, much higher than expected, simply because two parties were determined to buy it.
Why would you want to know the value of your number plate? Well, for several reasons. If you are considering selling your number, it is best to obtain quotes from three reputable dealers. Be aware that some dealers may overprice your plate just to win you over. But if the price is unrealistic, your plate will simply not sell. Keep an eye on the market yourself - see what sort of prices plates like yours tend to sell for.
Plate dealers are very much like antique dealers in this respect, they can give you their expert opinion about what certain types of plates are selling for at the time, depending on all of the criteria set out above. Dealers can track current trends and glean information from their databases, finding what similar registrations have sold for in the past. Some dealers offer a free valuation service on their websites.
There isn’t any definitive authority or handbook that can tell you what your plate is definitely worth, but the Cherished Numbers Dealers Association (CNDA) offer a certificated valuation service, which is used by insurance companies, the legal and accountancy profession and Customs and Excise. Prices for CNDA valuations start from £50 (+ VAT).
Another reason for needing to know the value of your number plate is for insurance purposes. When you buy a cherished number, you need to inform your car insurance company straight away. They will ask for proof of its market value, in case your car is ‘written off’ and you make a claim.
The third reason is if you intend to leave your number plate in your will. Let your solicitor know the value of your plate, so it can be added to your estate.
Finally, if you’ve had your personalised plate for a few years and seen prices rising, perhaps you’re just curious to see if it’s made enough to pay for your retirement. You never know, you might discover that it’s now worth more than your car!