Valuation is the first step in selling a personalised number plate. In fact, many car and name plate dealers will refuse to move any discussion forward before a valuation is performed.
Nevertheless, valuing a private number plate is not something you can do on your own. There are many variables involved in determining the value of number plates. Some of the more common factors include:
• Type of Plate: Is it a suffix, prefix or standard format plate? Or is it the more valuable dateless plate?
• Number of characters: How many characters does your permutation have? As a general rule of thumb, the shorter the number of characters, the higher the value. However, in some instances, pronounceable number plates are valued higher than dateless plates.
• Meaning and Pattern: Is your plate readable or pronounceable? Does it contain a word, noun, or name? Is it a phrase or something symbolic? Do you need to be aware of something to decipher the sequence?
• Rarity: Is your number plate sequence rare? Are the other similar combinations available?
All the factors above will greatly impact the desirability of your number plate. The number of people who potentially want your plate is directly proportionate to its value. Similarly, the rarity of the alphanumeric combination will affect its value considerably.
Since you have neither the experience nor the training to accurately value your personalised number plate, you will have to deal with the experts.
These days, there are many online websites which offer a free valuation service. To ensure their service is not abused and time is not wasted, they will ask for your contact details, email address, MOT expiration details, etc. This is done to weed out people who are not serious.
Upon submission of the information, the experts on such websites will use their own unique evaluation criteria to determine the value of your number plate. Once they have arrived at a figure, they will then look at historical sales record, as well as current and emerging trends to determine the accuracy of the valuation and potential demand for the plate. They will then email their valuation to you.
Typically, the figure they provide is the net amount you will receive, after deducting their fees, DVLA’s fees, VAT and other related costs.
Armed with the information, you will now be able to start ‘shopping’ around for dealers to handle the sale of your number plate.
Pro Tip: The turnaround speed and level of detail and information in the valuation is often a good indicator of the quality of the dealer. So don’t just immediately deal with the dealer offering the highest valuation.