If you are looking to purchase a personalized license plate, you aren’t alone. The practice is much more popular than ever before. Over 1.2 billion have been sold since the DVLA started auctioning private plates off. The overall process of buying a personalized plate isn’t difficult. However, there are several things you need to be aware of when you go about buying one.
Is It A Good Way To Spend Your Money?
This is always subjective. The value you place on a personalized plate is mostly subjective. The majority of people that do end up buying personalized plates do so because they want to add a unique element to it. They want to infuse some of their personality into their vehicle. Also, you can get a plate that’s much more sleek looking than a conventional one. Some do purchase in the hopes that it’s going to prove to be a worthy investment and increase in value over its lifetime. If you are looking to buy one, for this reason, there are several things you need to know when buying one.
Future Value
There is no sure thing when it comes to an investment. The value of the plates could go up or down. While you can do all of the research you need to make a well-informed decision, you are still going to take that risk. Even if the value of a personalized plate does increase, it’s generally not exponential. The rise is gradual. It could take years or even decades for the value to go significantly higher.
Typically, shorter numbers or specific names are the plates that get more valuable over time. For instance, RR 1, S 1, and so on. However, these plates already cost much more than other options from the start. Because of this, they generally aren’t seen as the best investment option. As a result, the majority of buyers of personalized plates do so for the love of it instead of as an investment.
These plates are generally considered a luxury purchase. Because of this, you can expect their value to tank in times of economic uncertainty. Along with this, you need to find someone that is willing and able to pay the price you want to sell it at. This alone can be a time-consuming process.
Pros Of Owning More Than A Single Plate
One of the good things about a personalized license plate is the fact that you don’t need to lock it up somewhere. It also doesn’t need to be insured. The registration also won’t get old and messed up. You can securely hold the registration on a DVLA Issued Document that is valid for 10 years. It’s also renewable if you want to extend it. They can also be registered to a vehicle of your choosing and you can continue to use it daily. If you end up swapping vehicles, you could always have it transferred to a new one for £80.
Some Tips For Buying Number Plates
Here are some of the best tips you can use if you want to figure out which registration to go for when buying one.
Figure Out Your Budget
First things first, you want to come up with a budget. Don’t fall into the trap of being a plate that is out of your price range. While you can use financing if needed, it’s best to go for one that you can afford and pay cash upfront. Keep in mind, the rarer the plate is, the more it’s going to set you back. The most common and most popular initials will all be more expensive.
Don’t Limit Your Search
Like everything else, you want to widen your search. Expand your search to ensure you find the best deal. You can check out NewReg.co.uk where you can find out all kinds of information about the plates they offer.
Look For Accreditation
You need to be certain you are buying the plates from a company that is fully accredited. It needs to be accredited by any relevant organization. CarReg, for instance, has over 30 years of experience.
By using the tips above, you can easily purchase your next plates with full confidence. The good news is, even if you don’t experience an increase in value with your plates, you can generally sell them at cost. Thus, you might not have to worry about losing money on it in the long run. While it’s not guaranteed, it’s typically the case.
