Like all markets, supply and demand dictates how expensive a number plate is. If the plate is high in demand with a word or a phrase that is popular, then it is likely to be more expensive than one that isn’t as in demand.
Older number plates are also known as cherished number plates, as they are more likely to come in combinations that are significant, for example, names, initials and business names. They are also known as private or personalised number plates and contain less characters which means it is a lot easier to come up with personalised plate ideas. These private plates can fetch a lot of money depending on how popular they are in the current market.
Why do private plates have such a high price tag?
The price of number plates can range from a few hundred to hundreds of thousands of pounds, it simply depends on how desirable it is. In 2014, the most expensive number plate was sold for £518,000 by John Collins with the characters ’25 O’ and is now thought to be placed on his 1964 Ferrari 250 Lusso. But this isn’t a rare exception, there are a number of plates that have been auctioned off for a similar price and bought by the rich and famous to accessorise their already expensive cars.
Like we said earlier, the older number plates, having less characters, offer a variety of options. Making them easy to be customisable. The ’25 O’ number plate was one of the early plates which was part of a scheme that had the number plates designed from numbers 1 to 9999, followed by a one or two letter combination.
After the old scheme finished, more and more elements were added to number plates making it harder to personalise them. As a result, the cherished plates became more and more valuable to people as it was easier to have initials on the plate. Although these older plates may be more expensive, there are ways to make a personalised plate cheaper…
Cheaper private number plates
If you don’t have hundreds of thousands to spend on a private number plate there are cheaper options available. The new style number plates contain more elements than the older ones, so cannot make short words or phrases, however they are cheaper and can be used to create longer personalised messages and phrases. Likewise, if you are looking to have initials placed on the plate, you can pay to only have a few of the characters changed which can be cost effective.
If you are looking for the cheapest plates possible, you can find them for under £200 if you really look around. Plus, you can save money depending on where you shop. Instead of buying your number plate from the official DVLA website or auction, there are also private websites where you can buy used personalised number plates. Also, there will be private sellers listing their plates on places such as eBay, Gumtree and local newspapers. So, you could save money by keeping your eyes peeled in these areas and spending a little more time looking for the plate you want.
The price of private number plates entirely depends on the market and how popular the character is the plate are, you can check a site like this. If you’ve got the money to really splash out then a cherished plate could be an option for you. However, if you want to keep it relatively cheap then a newer private number plate will help you save money.