In the earlier days, having a number plate which is a combination of making a name or matching a popular word. The DVLA issues number plates without any particular intent to match such numbers or letters. However, as time passed, second-hand number plate dealers started noticing the patterns in customer preferences and the prices they were willing to pay for specific plates. Some plates are considered more valuable than others, which later led dealers to trade their plates based on specific characteristics and attributes. This is what made personalised number plates rise in popularity. Although it majorly depends on the buyer’s perspective to determine how valuable a place can be, there are certainly some factors goes into making the number plates valuable due to their unique characteristics. So let’s get to know what are the reasons that make a private number plate expensive. 

Why personalised private number plates get expensive?

The private personalised number plates are similar to regular number plates, with the primary ability to customise them in various ways. These distinctive customisation ways determine the value of the private number plate. Hence, these plates are also known as prestige plates or cherished plates. Many consider it as a rich people’s thing, but you can even get unique personalised number plates with spending a fortune. But the thing that makes these number plates rise in value is that many car enthusiasts want to express their individuality and stand out in traffic by having personalised numbers. 

As the dealers have noticed that many bidders are willing to pay a premium for number plates with unique characteristics, they turned this into business and, of course, an investment opportunity for buyers. According to official economic studies, DVLA has made approximately £2 billion over 30 years since 1989, selling around 5.9 million personalised plates. Getting a personalised number plate from DVLA was rare in the early days. But now, owning a personalised number plate has become a lifestyle to have something to show distinctiveness on the road. But how do some personalised number plates get extravagant price tags? Let’s get to know below how they are valued in the market.

What factors decide the value of the number plate?

  • Older number plates are valued more

Age is one of the primary factors that influence the value of a personalised number plate. Usually, older number plates that have limited availability are highly sought after by collectors and car enthusiasts. Such plates often carry a nostalgic charm and can be considered rare artefacts contributing to increased market value. 

  • Fewer digits in the plate value more

The number of digits in a personalised number plate can impact its value. Generally, plates with fewer digits are deemed more valuable. Plates with a shorter combination of letters and numbers are quite aesthetically appealing and considered exclusive due to their limited availability. One of the most expensive number plates that were bought is “1.” It was purchased by Saeed Abdul Ghaffar Khauri from a wealthy Abu Dhabi family in 2008. The price tag was £7.25 million, which is now one of the most expensive number plates in the world. 

  • Letters and digits that represent a name or word

You can also find personalised number plates that spell out names, words, acronyms, or some easily recognisable phrases in the market. A combination of factors like the potential demand for a specific name or word determines the value of the name and word number plates. Moreover, the visual appeal of the numbers for that particular name or word can also influence the value. Some examples can be D0V 3R, B24 NCH, F0S 73R, etc. They have high value as they create attractive and unique combinations that can’t be replicated. 

  • Having vintage appeal can raise the price

Some personalised number plates have a vintage or historical appeal to them, which can significantly raise their value. Such plates reflect the history of motors and evoke a sense of nostalgia among collectors. Since the Vintage plates that have been preserved over the years are considered rare and valuable, they attract automotive enthusiasts and history collectors. 

  • Aesthetic Attractiveness

The aesthetics of the personalised number plate can also influence the price factor. So plates with visually appealing combinations like symmetrical or harmonious arrangements of the letters and numbers can tend to value more. Since the aesthetic appeal is an element of desire, it makes the plate stand out more on the vehicle. Moreover, the number plates with pop culture connections or themes of cultural references are also growing in the trend that impacts rising price value. 

Final Words:

Now you know why personalised number plates are expensive due to a combination of various factors that contribute to their value. So whether you want to have a unique number plate for your vehicle or just want to make an investment, consider the above factors to make a good purchase that will grow in demand in the future. Such personalisation will stay in trend to be your coveted possession if you are a car enthusiast or a collector.

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