Is a Private Number Plate a Lucrative Investment?
Gone are those days when only the well-to-do used to relish the benefits of private number plates. Now, a customised number plate can be obtained for lower than GBP 100.00. Few rare plates that are in high demand can be acquired by spending a fortune.
The constituents of a personalised number plate:
A personalised number plate is a car registration containing letters and numbers indicating a particular meaning which can be the name of the car owner, a club, any special message, etc. Eg:- If a number plate displays ‘M4 NNU’, it means Man United Soccer fans.
Terms used for personalised number plates:
• Private number plates
• Novelty number plates
• Personalised registrations
• Vanity plates
Is a private number plate an investment opportunity?
According to some dealers, it is.
The dealers offer a large choice to the buyers that are supported by the relevant certification. The plates’ prices are based on the popularity of the combination of alphabets and numbers, their formation of a particular name or any special word loved by the people.
Factors that determine the availability and price of the private plates:
• The overall economic situation of the country
• The ongoing trend in the taste
Again, it is the private number plate that has the capability of making a second-hand vehicle more wanted. If the plate is a dateless one, then it may match the cost of the vehicle itself.
The time for transferring the registration:
Usually, it takes 7 working days upon the documentation received. The DVLA issues a form V750 or a Certificate of Entitlement along with the buying of the registration number. If the deal is done online, it is required to be sure the certification is a correct one. The V750 form is crucial because it declares the period of entitlement, name, and address of the nominee. After the supply of the personalized registration by the DVLA, the owner can buy the number plate from a registered plate supplier. The supplier needs to check the original documents as it will prove the genuineness of the motorist and his/her entitlement to use the specific registration number.
The following documents can identify the right owner:
• Council tax issued in the last six months
• Driving license
• Utility bill issued in the last six months
• Statement of bank and building society issued in the last six months
• National identity card
The confirmation of the name needs the following documents:
• Bank debit or credit card
• Building society debit or credit card
• Identity card of armed forces
• Police warrant card
The ownership of the personalized registration number can be proved by the following documents:
• Forms V5C or V5CNI:- the registration certificate of the vehicle
• Forms V5C/2 or V5C/2NI:- new keeper supplement
• Forms V379NI or V379:- temporary registration certificate
• Forms V750 or V750NI:- Certificate of entitlement
• Forms eV948:- certificate of an electronic number plate authorisation
• Form V778:- retention document
• Form V948:- certificate for the authorisation of the number plate (it carries the official stamp from the DVLA, or, DVSA
• Forms V11NI or V11:- SORN or a renewal reminder for the tax disc
• An authorisation letter from the suppliers of the vehicle or the fleet operators like leasing or hiring agencies
Are online auctions okay for purchasing a private number plate?
They are great for the ideal bargaining of the private number plates. In a year, many auctions are placed by the DVLA.
Both the dealer and the seller should provide a V778 Certificate of Retention and V750 Certificate of Entitlement to the private number plate purchaser. These plates can be used publicly on the particular cars that are registered within Northern Ireland and Great Britain, but the motor cars that are registered in the Isle of Man and the Channel Islands are not acceptable.
Many people buy private number plates just to show their status, while some others use to display their fancy, name, sports, etc. Whatever may be the purpose is, personalized number plates are surely lucrative investment option that provides the delight of being one of a kind along with the thrill of driving an expensive car. The right kind of personalised plate can fetch a big amount of money upon selling.