Many people choose to get a DVLA cherished number plate for various different reasons. Whilst they can make great investments they can also be quite expensive so it is wise to weigh up all the costs before committing to any decisions.
Like anything car related the price or value is determined by rarity and desirability. A number plate is no exception to the rule so this is something to consider when deciding which letters and numbers to put on your personalised number plate. However, in this incidence desirability is more likely to overtake rarity because every registration number is different so there will only be one of each.
Desirability for a DVLA cherished number plate is likely to increase if you have a common name and decide to use this as your registration number. However, this will also make it easier if you decide to sell the number plate on at a later date because you are more likely to find someone else with that name. If you have something completely unique to yourself such as an address or a pet's name, then it is likely to be cheaper to buy but harder to sell on in the future.
Generally, the price of a DVLA cherished number plate can range from a couple hundred pounds to tens of thousands of pounds. It is usually quite easy to determine which are going to be the more expensive registration numbers because the more accurately they spell a name, word or phrase, the more expensive and desirable they are going to be.
Surprisingly enough, when purchasing a DVLA cherished number plate, less is worth more. The fewer letters or numbers that are displayed the more they are worth because people are willing to pay more for these numbers. However, the advantage of this is that there aren't many of these available on the market so if you are looking for an investment opportunity then you are likely to make a healthy profit from this.
If you are looking to make as much profit as possible from your DVLA cherished number plate, then it is advisable to take it to an auction. This is because if it is sold privately you are only going to get your asking price. However, if you sell it at an auction you might get a bidding war in which case you can end up selling your registration number for a significantly higher value than you originally thought.
