The term cherished number plate has traditionally been associated with classic dateless registrations. Many of these number plates have often been owned by families for decades or have a high sentimental value. Since the introduction of number plates in the early 1900’s, the desire to own a cherished number plate has grown steadily. During this time the administration of car registrations has moved from the responsibility of local councils the Driver and Vehicle Licensing Agency (DVLA), which was set up in 1965.
The introduction of the DVLA brought with it new rules and regulations for the sale and transfer of cherished car registrations and for the next 10 years the trade of personal number plates boomed. Dealers across the country were buying old cars and motorbikes for their number plates and selling the registrations on for profit. Many of the vehicles were not in working order however their registration marks could still be legally transferred.
In 1976 however the DVLA head office in Swansea went about changing the laws of cherished number plate transfers with the view to totally prohibit the transfer of cherished registrations in the future. The implications of these new laws would have been devastating to number plate dealers who had built up the industry from scratch. The stock piles of old vehicles that they had bought would become useless as the registration numbers could no longer be transferred, the general public would not have a chance to own their perfect plate and many of the best cherished registrations would be lost forever. It was clear that something must be done about these changes.
The backlash of these proposals was strong and included public campaigns, rallies and protest marches. In 1977 the DVLA took into account all these issues and re-introduced the cherished number plate transfer scheme and trade flourished once more. There were however certain key changes made to the cherished transfer scheme which are still in effect today. One main change was that once a registration number had been transferred off a vehicle the replacement mark was non-transferable. This prevented dealers from continually transferring the replacement cherished registrations off the vehicles for profit. A second change required each vehicle to have a valid MOT in order for the transfer to be successful.
Applications to transfer a number plate can be made in person at any local DVLA office or by post to DVLA Swansea. An £80 transfer fee is payable to the DVLA in the transfer process. The DVLA also offers a retention scheme which enables owners of cherished number plates to transfer their car registration off their vehicle and hold it on certificate. By doing this people can collect and own cherished registrations without having them assigned to their vehicles. The current fee for transferring a cherished registration onto a retention certificate is £105. During the changes made in the 1970’s the retention scheme was abolished due to the level of fraudulent activity associated with it. Much of this was due to the scheme being paper based. It was reintroduced in 1992 with extra measures to minimise the amount of fraud and is now administered by a central DVLA database.
With the rising demand to own a cherished number plate, prices have increased year on year. Cherished registrations can change hands for tens of thousands of pounds and some are worth more than the average house. In today’s terminology however the term cherished number plate has been diluted somewhat by owners of prefix and current style car registrations who use the term to describe their private number plates. Many of these newer style registrations are also worth a great deal of money however there are cheaper options available.
Number Plate For Sale
Today's buyers shop online. Today's sellers list items for sale online. The internet is a proven marketplace. In fact, online marketplaces usually set the standards for establishing prices, facilitating delivery and collecting money. Online marketplaces offer a non-invasive way to finalize purchases in an atmosphere devoid of pressure. That is what today's buyers have come to expect.
That philosophy has spurred the increase in online sales of numbered plates. Consumers have come to expect that all details involving the successful transfer of numbered plates can be arranged online. That includes research to confirm availability, identifying proof of ownership, creation of contracts, registration and collection of money. The buying and selling process for your number plate is easy, simple and perfectly suited for online finalization.
If you intend to sell your number plate online, you should expect to provide the online agency with proof of ownership. Usually this can be accomplished by either fax, e-mail or mail. Proof of ownership is substantiated by providing a current copy of form V 5, the vehicle registration certificate, form V 778, the certificate of retention, or form V 750, your certificate of entitlement.
Once current proof of ownership is verified, a value will be established for your number plate. Your number plate has value. Setting a realistic value is important and can expedite or delay the selling process. Usually the value of your number plate is derived by considering what your originally paid and for how long you have owned the number plate. As with any sale, pricing is important.
There are five basic criteria for establishing the value:
-Age and uniqueness
-How popular the plate number is
-Affect of numbers - low numbers generally sell for more
-Comparable sales obtained by cross-reference
-Market trends - often a function of supply and demand
After all information is gathered, you and your online agent will set an asking price. This price will include all registration and processing fees but will not include delivery fees.
When you and your online agent have set an asking price, your number plate will be posted on the internet. Your online agent will then begin offering the plate to the public and contacting any listed and interested parties. Online marketing is often supplemented with other forms of advertising, such as magazines or newsletters.
When a buyer steps forward, a purchase-offer contract is drawn and forwarded to you. The qualified buyer will have posted a deposit or deposited the entire purchase price in escrow with the agent until you have accepted and executed the contract.
The contract for purchase and sale will list all your responsibilities. You will then forward the transfer documents to the agent who will also verify documentation received from the buyer.
The agent will then take the seller's paperwork and the buyer's paperwork to the DVLA and register the transfer of the number plate. When all documents are recorded, the funds will be released from the escrow account and forwarded to you, the seller. The registrations and proof of ownership are sent to the buyer at the same time and a completed sale has occurred.
Payments are sent to the seller by cheque. Payments from the buyer are usually made by credit card, wire transfer or cheque.
The online process is simple. Basically the seller leaves the details to the agent. The key to creating interest is to price the number plate correctly. Properly priced plates are in demand. Overpriced plates do not sell. It is advisable to work with a reputable agent who has experience and a customer base and who can provide you with realistic price expectations.
Both Ross O'donnell & Alex Gwen Thomson are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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