Selling personalised number plates is a bit of a mystery to most of us. At any time, there are literally 10,000's number plates for sale. So how do you know whether your is going to sell? Who is going to buy it? And how do you go about trying to sell a personalised registration plate? Here are our 5 tips for selling a personalised number plate:
- Can you sell your registration plate? First step is to check whether you can actually sell your personalised number plate. There are some circumstances that prevent you from selling the registration number. For instance, registration plates on most tractors and milk floats do not generally qualify. See Can I sell my number plate? for full details.
- Get valuations Get lots of valuations. At least 3. If there's a wide variation in the number plate valuations, get a couple more. Some personalised number plates are relatively easy to value. Like a row of houses that are all the roughly the same so it's easy to compare number plates against another. Others are more difficult, so it's likely these valuations will vary more. Number plate valuations are basically based on other similar number plates are for sale right now, and actual selling prices over the past few years...and the current economic climate.
- Decide how you want to sell your registration plate Do you want to sell quickly, or are you prepared to wait for a good price? Price your registration number for sale accordingly. Are you prepared to pay large commission fees, or would you prefer to cut out the middleman and sell direct to a buyer? If you're in a hurry, in some circumstances, you may be able to sell to a dealer. You may need to a lot of legwork to get the best price.
- Decide on your selling price If you're selling privately, you have control of the selling price. If you're selling via a dealer, make sure you understand how the price is structured. The dealer should give you a 'net' price, and advise you of the commission fee they will add to that. Bear in mind that there's no guarantee that you will achieve the 'net' price - it depends on the offers made.
- Spread yourself around Don't just advertise in one place. Add your number plate for sale on any forums you're subscribed to (especially motoring or other relevant forums), write a blog article if you have one, or add to free advertising sites. Add a link to wherever you're selling your number plate so you don't have to publish you personal details on the internet.
Above all, you will need to be patient. Some personalised numer plates will sell quickly, but many can take months to sell. As with anything, if there are just a few similar number plates for sale and yours is competitively priced it should relatively quickly. More expensive number plates take a little longer to sell. Read more on how to sell a personalised number plate...