Buying A Private Number Plate
However, that’s not the case today as personal number plates have increased in numbers on our roads as people of all walks of life are enjoying them. A nominee name is a name that appears in the V5 logbook for the vehicle the number will be assigned to.
another thing about buying number plates is that they can be held indefinitely on certificates but must be renewed annually at a certain fee.You should also know that having a new number plate assigned to your vehicle is not simple and full instructions will be found on the reverse of you registrations certificate of entitlement that you should follow.In return you will receive an updated tax disc and MOT showing your new registration number.
What they don’t know is that when buying a personal number plate you’re also purchasing the rights to a particular car registration number. To avoid this if you want to keep the rights of the private number plate then you have two options to do so.
For those who wish to transfer the number plate from car to car you have to complete a DVLA form V317 and include the V5 logbooks, MOT certificates and a small fee payable to DVLA. The new registered keeper will then have full entitlement to the number plate; alternatively, if you are holding the number plate on retention, you can sell the certificate to a willing buyer. An updated certificate with the new nominee name will then be sent out within two weeks.
An essential thing you need to know is that the safest way to sell private number plates is through a reputable plate dealer otherwise it can be risky for both the buyer and seller. Investors are always looking for a new and exciting way to diversify their portfolio, and many are taking a break from stocks and focusing their attention on registration numbers.
With this in mind number plate investors are always on the lookout for the best nameplates and low digit dateless number plates. When purchasing a number plate for an investment look for a registration that will be easy to sell on again and also try choosing a number plate with common or popular initials or that reads a name or word.
Other good places to look are local papers, classified ads and they can also be purchased from people who are emigrating and are looking to sell their number plate quickly. These auctions see to it that 1500 DVLA registrations are sold to an audience of number plate dealers, collectors and enthusiasts.
The valuations take into account several factors including similar marks on the market, previous selling prices and popularity of the name or initials on the number plate that in the end determine the profit of the sale.