Number Plate Prices Boom
During the pandemic the personalised number plate business in the UK has seen a surge in demand. The boom in the sales of private registration numbers has led to an increase in the value of some of the most sought-after plates.
Personalised Number Plates Rise in Value
With a surge in the sales of personalised number plates during the coronavirus pandemic, owners of sought-after numbers have seen their plates turn into shrewd investments. In the multi-million-pound number plate industry, cherished plates can change hands for prices that range from under £150 to six-figure amounts, and occasionally even more.
As reported by This is Money, CarReg director, Russell Palmer, said, “With so many people forced to work from home, there has been a boom in business, with people discovering that personalised number plates can prove shrewd investments. Thanks to regular online auctions and sales, there is no need for buyers to step out their front door.”
First Name Plates are the Most Popular
Buying a private number plate is a way of personalising your car with a registration number that means something special to you. A combination of numbers and letters that appear to spell your name, initials or even a pet’s name are continuing to grow in popularity.
In recent years, Jack has become a popular Christian name with new parents. According to CaReg’s Russell Palmer, the personalised number plate ‘JAC 1K’ was bought in 2008 for £8,700 but could now be worth as much as £50,000.
In 2003, ‘MEG 4N’ sold for £12,500, but since Prince Harry married Meghan Markle, its value has risen to £45,000. Similarly, since Boris Johnson became Prime Minister, the registration number ‘BOR 15N’ has risen in value from £650 in 2013 to £2,000 in 2019.
Russell Palmer inherited the personalised registration number ‘1 RP’ from his late father who had the same initials. Purchased in 1995 for £10,500, the plate has now been valued at more than £150,000. He says, “It can be particularly appealing if you have a name such as mine that has been passed down through the family as it means something special.”
Plates with No Age Identifier Are the Most Sought After
Number plates were introduced in 1904 to identify vehicles and, prior to 1963, the plates featured a combination of up to four numbers and three letters. These are among the most sought-after registration numbers, with low combinations being the most valuable.
From 1963 to 1983, number plates had an age identifying letter at the end. Between 1983 and 2001, the age identifier was changed to be at the front of the number. In 2001 the UK switched to the current system with the third and fourth digits denoting the car’s year of registration. In March this year, the identifier becomes ‘21’ followed by ‘71’ in September.
Search for Your Personalised Number Plate at CarReg
With a database of almost 60,000,000 personalised number plates on the CarReg website, you can be sure to find the private registration number to suit you. Just enter your search criteria into the search box and you’ll find lots of suggested numbers.