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Making Money from Private Number Plates

Posted by rstapholz on
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Business
Making Money from Private Number Plates

If you are looking for ideas in which to invest then you should consider investing in private number plates for vehicles in the UK.

Private number plates have become increasingly popular since the early 1990’s. Celebrities along with the wealthy and famous have helped to increase their popularity in combination with their affordability driven by the DVLA prefix style numbers. The craze for personalized number plates is ever increasing and you can make money from their increasing popularity.

What Determines the Value of a Number Plate? 

# Name related number plates are the most popular and the most sought after, closely followed by people’s name initials. In choosing a private number plate as an investment you need to identify the most popular names and the most popular initials for people. It is not widely known but the most popular initials are JB in the United Kingdom.

# Dateless number plates are the most prestigious and sought after by people with the largest sums of money available to invest. The very early combinations from 1904 are rapidly increasing in value and there are several examples of single letter, single digit combinations demanding £millions at auction.

# The history of a number plate adds value to the number, particularly if the number plate has been owned by someone rich or famous or if the number has been assigned to a famous vehicle with iconic meaning to the public. You need to research the history of a number plate to see if there is history that increases its value.

# The shorter the number the more valuable the number plate. Less is more when it comes to private number plates and the more distinctive the number is due to its shortness the more money it will attract from investors.

# The number of permutations available is an indicator of the supply volumes. In essence there are only two registration plates with the number 1 when it comes to a dateless number plate with either two or three letters, whereas other random numbers are more readily available. The lower the supply volume for a specific format then the higher the value.

# The degree to which a number plate represents someone’s name and the accuracy of the number plate to the name is a factor that increases the value. As an example DAV 1D is worth more than DAV 11D as the combination of number and letters is an exact match with the spelling of the name DAVID.

How to Maximize Your Return

# In selling your private number plate you need to ensure you know its true value in the market place. In order to do this you need to have the number plate valued by a trusted and reputable broker with an appropriate level of experience in valuing number plates.

# When selling your number plate you need to safeguard against losing entitlement to the registration without receiving the money from the buyer. In order to ensure you are not exposed to this risk you need to familiarize yourself with the DVLA Cherished Transfer Regulations or you need to employ the services of a reputable broker.

# Marketing you number plate will be key to ensuring you maximize your return at sale and you need to consider all of the options available and the pros and cons of each method.

#* You can market with a recognized and trusted broker

#* You can market through online portals such as eBay or Facebook

#* You can advertise in the National Press or Local Press

# You may need to be flexible with your pricing as the cherished number plate market is a market where offers are made below the asking price and being flexible when considering offers can be crucial in making a return at the right time. If you leave the number plate on the market for too long it can reduce the value.

Tips 

* Have your Number Plate Valued by a Reputable Broker with Experience

* Know and Understand the risks of Selling the Number Plate yourself

* Market your Number Plate where you know the Price you will achieve will be Higher

* Be Flexible with your Price and avoid Marketing the Number Plate for too Long

Warnings

* Do not transfer the number plate to the buyers vehicle or provide the V778 retention document to the Buyer before you have received payment from the Buyer

* Do not share the details of the V778 retention document or the V5C registration certificate for the vehicle with anyone other than a recognized and reputable number plate broker.

How to Make Money Investing in Number Plates?

Posted by rstapholz on
0
Business
How to Make Money Investing in Number Plates?

About 40 years ago, owning a personal car was more of a status symbol. It wasn’t as much of a need. People used to rely on public transport more than they relied on their private cars.

However, today, the face of reality is much different. Each household owns at least one car owing to various necessities and tight schedules.

We cannot afford to spend hours of our precious time on public transport. And for some, doing so is a huge concern in terms of reputation as well.

Naturally, the production and ownership of cars are increasing by the day. It’s not only giving rise to the car-selling business but the industry-associated businesses as well, such as number plate selling and manufacturing.

In actuality, currently, the most expensive number plate in the world costs around AED 38 Million. You can imagine the profitability of this business!

If you’re an investor and that figure sparked a gleam in your eyes, then allow us to dissect it further for you. Allow us to help you lay a path to that very figure (you could be a millionaire!!).

How to Invest in Number Plates?

Virtually

Investing in number plates is much simpler today. You can begin your business right away online!

To get started, you can get yourself registered on a relevant business site, such as newreg.co.uk, and set up your company profile or business profile. You can research, create, invest, purchase, and even sell on such platforms. These make your investing journey 10x easier!

Once you have your account set up on a relevant site, you can use digital marketing tactics to promote and market your business. You can take it to other social media platforms and gather an audience there. Once you start running ads for number plates for sale, you will begin gaining traffic.

Since there’s a lot of competition these days, it’s best to invest ample time in crafting your mission, vision, and operating mechanism. It will help you incorporate unique elements in your business that will help you stand out from the crowd.

Unlike brick and mortar stores, you will not have huge expenses to deal with. You won’t have to pay rent for storage, hire employees, or spend on paper advertisements. Instead, you can use the internet and profile to reach out to relevant customers. You may have to arrange a number plate machine or two initially. And may require room to store and operate it.

Physically

If you wish to become a number plate supplier or investor with a physical store in existence, then you’d have to take a longer route. You’d have to arrange:

  • A place
  • Employees
  • Legal Verifications
  • Physical and Online Advertising

Even as an investor, you’ll have to manage and look into these concerns.

Duties & Responsibilities

As an investor in number plates, you will have to abide by a few rules and laws. Whether you’re investing in a manufacturing business or buying prepared number plates, you need to ensure that your customer owns the following:

  • Driving License
  • Valid Passport
  • Police Warrant Card
  • Debit or Credit Card
  • Utility bill issued and paid within the last six months
  • Armed Forces Identity Card
  • National Identity Card

On your end, you have to provide the following:

  • Vehicle registration certificate
  • Certificate of Entitlement
  • Authorizing Documents

Whether you’re selling them large-scale or small-scale, you will have to keep a keen eye on the exchange of these documents for verification and business purposes. If you are to thrive and survive in the industry, you have to abide by the laws.

How to make quick money?

For quick maximum profits, we recommend:

  • Buy number plates with fewer digits (e.g., F1, D5, EE 2)
  • Buy number plates with labels of wide appeal (e.g., S1MON)
  • Buy number plates upon immense research. Choose the ones with unique, funny, popular, and appealing letter-digit combinations.
  • Compare the prices before investing anywhere. Study the market and determine if you’re spending more than you need to or not.
  • Instead of buying from third parties, buy number plates directly from the owner to save spending on commission.

Final Thoughts

Conclusively, we’d like to remind you that as an investor you’ll need loads of patience. You may have your number plates sitting in the storage room for a year or two, or even for years till they sell for a just price. Don’t lose hope and keep on investing.

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