By Ross O'Donnell
The price of car registrations tend to rise over time and owners of private number plates are cashing in their investment to pay for that dream holiday or put towards new ventures. This guide to selling car registrations provides all the information you will need to sell you number plate with ease.
Car registrations are one of the only aspects of motoring that actually increase in value over time. If you own personalised plates the chances are they will be worth more now than when you bought them. People sell their personalised car registrations for many reasons and this guide provides all the information to help you cash in your asset with ease.
Firstly you must be sure you want to sell you personalised plates as once it is sold it could be very hard (and costly!) to buy it back. When purchased, a car registration can be kept for life and passed on to younger generations or other family members.
So if you have decided you definitely want to sell your car registration the next stage is to advertise the plates. Adverts can be taken out in local and national papers or even online however one of the best places to advertise a car registration for sale is via a number plates dealership. By doing this you have the backing and knowledge of people in the trade who can help secure the best price for your registration. Their service is often free and they can carry out all the relevant paperwork for you. By using personalised plates dealer as an agent you do not have to field calls from potential buyers as they will negotiate on your behalf. They will also be responsible for collecting payment making it a more secure option when selling.
Personalised plates can be sold whilst still assigned to a vehicle or when being held on retention. If the number plate is still assigned to a vehicle when it is sold you can either do a direct vehicle to vehicle transfer or put the registration on retention depending on the buyer’s wishes.
For car to car transfers you will need to complete form V317 which is available from your local DVLA or Post Office. You application must include a V5 log book and MOT if applicable for both the donor and receiving vehicle. Both vehicles must also be taxed however licensing applications for untaxed vehicles can be made at the same time as the transfer providing the relevant documents and fees are enclosed.
To put a car registration on retention you will need to complete form V778/1 which is also available from local DVLA offices and Pos Offices. Your application must include the V5 log book for the donor vehicle, an MOT certificate if applicable. You must remember to add the new nominee name of the purchaser to the form in order for them to assign it to their vehicle.
The cost of a car to car transfer is £80 whilst the cost of putting a registration on retention is £105, both of which are payable to the DVLA at the time of your application.
There is no hard and fast rule about how long a number plate can take to sell. The main factors that determine a quick sale are the rarity of the registration, the popularity of the name or initials and the price of the number plate. Generally speaking the cheaper the number plate is the quicker it will sell however with rare dateless registrations and name plates it is advisable to hold out for a good price.
About The Author
Ross O’Donnell writes and works for Cape Plates who provide a free selling service to owners of private reg plates. The service includes free valuations and marketing and a guide to a realistic selling price.
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