There may be times when holders of personalised number plates want to sell their plate. Or at the very least, find out how much their investment is worth. Finding out how much your personalised registration plate is easy and quick.
However, the key to getting the right value is to get an honest and impartial valuation. To get this, you must use a qualified, experienced valuer who will give you the true value of the market potential of your number plate.
You should look for experts who will give you the current value – what they believe that you could get upon the sale of your registration plate today. Some valuers will give you a value based on historic values; this is not what you want. Others will value your personalised number plate based on future demand. You don’t want that either. You want a value based on current market rates.
This article equips you with all the information you need to know before you go to a valuation expert.
1. Target market
There are many factors which are taken into account when a valuer is valuing a plate. These include:
How appealing to a wide audience is it?
Does it have numbers as word or words as numbers?
What substitutions are made with the spelling?
Does it have a popular name on it?
Does it have a popular number on it?
Can you read it without straining your eyes?
Is it dateless?
Does it have one of the key numbers (e.g., 1) in it?
These factors among others will determine the value of your registration plate due to the market demand for it. While the valuer should see if there are any special or unique associations with the number plate, sometimes they may not spot them so make sure to point them out.
2. Similar registrations
Spend time on the dealer’s websites or magazines looking at similar registrations. It helps to look at other plates that are available on the market which are similar in nature as your own. You’ll get an idea of how much your own number plate is worth before the valuer comes back to you.
Some valuers will charge for a valuation; others will not. Others factor in their commission and marketing costs. An honest dealer will be up-front and transparent about their charges.
4. Time frames
Valuers value number plates every day so they should know quite quickly how much your personalised number plate is worth. As many sellers use three companies for valuations, the number plate companies tend to get really busy, especially over busy times like the weekends, the summer and Christmas. Expect your number plate valuation back within three days at a maximum.
In summary, if you really want to find out how much your number plate is really worth, you need to have it professionally valued by people with experience in the market.