Hi all, newcomer to the Back Room here. I have heard that cherished numbers are a good investment, offering a better rate of return than many financial products in the current low interest climate. I have seen several plates in the format 'xyz123' for £2-3k, which strikes me as reasonable. What are Backroomers views on this? Any pitfalls I need to be aware of?
Any help much appreciated.
Jon
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Hi Jon
Main pitfall that I can think of is the system of charges that DVLA impose for doing things with cherished numbers.
Firstly, they'll charge you £80 to transfer the thing to you, with another £25 being payable if you want to hold the number on retention, rather than putting it on a car.
Secondly, if you intend to have it on retention rather than on a car, you have to renew the retention certificate annually, which costs £25 a time. DVLA usually send reminders out when the renewal is due but tell you not to rely on it. If you forget to renew, you lose the number, simple as that - the reason given being that you don't own the number, merely the right to have it on your car.
Thirdly, if you intend to have it on a car, bear in mind that every time you change cars DVLA charge £80 to move the number from one to the other. Add in to that the faff involved in getting number plates made up (new security rules - must have 2 forms of ID).
(You may detect the weary voice of experience in this.)
Only other thing I can suggest is avoid the DIY jobs (you know - choose letter, choose number, insert own initials here) because IME (in a professional context) - they are nearly impossible to sell on for a profit, or indeed at all. But by the sound of it, you weren't looking at that sort of number anyway.
Otherwise, go for it and best of luck to you!
P
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Apart from everything that paulb says above, it seems to me that it would be as much a gamble as an investment, and 2 or 3 grand is a serious punt. You can only consider it an investment if you know that there will be a buyer available at the time you want to cash in, and that's one thing you can't be sure of. You could end up with your money tied up long-term or even forever, so don't do it with money you can't afford to lose (like the stock market). IMHO you'd have more fun and a better return going for a day at the races :-)
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NO NO NO. See my postings below for the great numberplate sale saga.
Essentially I had a plate that the plate sale sites said was worth £1,500, although strangely they would not give me any money for it, they would however list it and give me £100 IF it sold. I eventually sold it for £180. Virtually nobody actually pays big money for these things, its all smoke and mirrors.
Go to Ebay and see what plates really sell for then decide.
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Just read that back and it sounds a bit preachy, sorry about that, but you get my point, what are these things worth? What someone wants to pay...
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Investment? Perhaps a bit strong but they will hold/make money if...
You buy from a private source or DVLA direct assuming you find a low cost number they haven't "sussed" as interesting.
That you like having the number on your car so that any transfer costs are applied to your enjoyment rather than added to the "costs" of the number.
That you sell the number yourself and don't place it with an agency.
That you can separate the naf(f) from the interesting.
We have a non-dating one, bought some ten years ago and selected on careful criteria from the lowest cost DVLA ones. Funnily enough during the purchase procedure with DVLA Direct (or whatever they are) the guy said "Oh that makes XXXXX (a car make)". We'd not thought of that but interestingly over the years we've been approached several times by owners of this enthusiast car make to sell it.
M.M
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jon - The Independent carried a piece about this a month or so ago. The silly prices they reported suggested that most of the value inflation must have happened by now - a few were fetching more than any vehicle I can think of is worth. [ I have always thought extreme cherished nos. indicate someone with money to burn ]
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what are these things worth? What someone wants to pay...>>
Surely this is the case with any commodity or goods one buys, I can assure you from personal experience, that there certainly is money to be made out of cherished plates, but like any other commodity, one has to research the market thoroughly before making a financial commitment. The real money is not made out of the silly recent numbers being sold by the DVLA for as little as £250, but from the pre 1963 numbers (ABC 123) without a prefix. If you buy wisely, I can assure you that your investment will rise by far more than any Building Society account, and I know several people that are holding up to 20 numbers on retention.
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Jon,
I have no idea of investing in number plates, but was daft enough to buy a kind of personal plate for the Jag - cost me £699 to get my initials+date+CAT....JAG was too ostentatious and was £999, from memory.
If I put this reg into the Personal Number Plate Search at the bottom right corner (Find MY Plate) of the page you are reading this on, I get a price of £2995 for the nearest plates to mine.
What do you think I could sell it for?
Matt35.
Rodney - this time next year we will be millionaires!
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