A Guide To Investing In Number Plates
The market for private number plates is on the rise with more and more people wanting their own personalised plate. The thing that makes them so special is their uniqueness, only one of each combination can be made and therefore the demand for popular number plates is ever increasing, with the highest selling plate going for over £500,000 in recent years. Throughout this guide there will be hints and tips on how to invest in number plates and ways you can make money from the industry.
It may seem like a niche market, but you’ll have probably noticed on the roads that more people have their own private number plate more than ever now. If buying a private plate, not only do you get to enjoy it whilst you own it, but it could potentially bring a healthy return in the long run.
However, don’t be fooled into thinking this is a quick fix way of making money. No, like any collector’s item, selling private number plates requires time and patience. In order to begin the business, you’ll need to know the market well, know what sells and what doesn’t and you’ll most likely need a decent budget behind you to be able to invest in some of the pricier plates. There is no guarantee that you’ll make money fast, if at all, so you must be willing to learn as you go along and expect some fall-backs along the way.
How to invest?
Now, anyone can go and buy a number plate and hope to sell it for profit, but you’ll be relying solely on luck. You need to have some knowledge of plates to be able to determine which ones will increase in value.
If you’re a beginner in the market then the best way to buy number plates is by purchasing plates that are popular and have a wide appeal, such as:
- Plates with popular names
- Plates with popular words
- Dateless number plates
Plates that aren’t so popular include:
- Look-a-like number plates
- Irish number plates
- Plates with illegal spacing or difficult to read fonts
Top tips for buying number plates
Be knowledgeable – If this is the first time you’ve looked into investing in number plates then chances are you know very little about the market. One of the most important things is buying a plate that others will want to purchase, so do you research before anything. Popular names and words are most likely to be sold as opposed to personalised words that mean something to only you.
Compare – There are a variety of different places that you can purchase number plates, including the DVLA, eBay and private dealers online. NewReg.co.uk are a private company that allow you to buy and sell number plates at the best prices. Make sure you shop around in order to get the best deal.
Buy direct & Save – If possible, buy your number plate directly from sites such as NewReg.co.uk, who you can visit by clicking here, that way you’ll be buying a plate from someone, therefore there is clearly already an audience for it. Plus, if you buy from a dealer they will be adding extra costs for commission on top of their prices.
The bigger picture – As said earlier, this isn’t a quick and easy way to money, things like this take time. Initially you will have to have the money to buy the plate and then have to wait until the right time to sell it for profit. Don’t forget that the state of the economy will also affect your sales, plates are a luxury item and therefore if times are tough, it isn’t an item that people will always be willing to pay for.
Enjoy it – Once you’ve purchased the plate you can place it on your own vehicle. So, if the market for the plate is slow, use and enjoy it for as long as you need to.