The UK plays host to a £2 billion private license plate industry, so it’s understandable how car owners love personalising their cars with a set of private license plates, or how they can’t part with them when they want to sell the car.
In this expansive guide, we discuss how you can easily acquire private number plates, what to know when selling your car with private license plates on it and how to retain them when selling the car.
What are private number plates and how can you buy them?
People have been using private license plates for decades to give their cars a better sense of personalisation. You pay extra money to have your choice of numbers and letters as the car registration number – e.g. “V12 LAF” on a Ferrari LaFerrari – or other slogans, initials or sequence of letters & numbers that either describe your car or your relationship with it. At the end of the day, it should have meaning and a personal touch, something you can call your “own”.
The DVLA introduced the Cherished Transfer Scheme to give car owners a chance to personalise their vehicles with private license plates.
There are three ways to buy a private license plate:
- Directly from the DVLA
- Through a broker
- In a private sale
Let’s explore these options further:
DVLA
For many people, this seems like the logical place to start. There are no “middlemen” involved and the DVLA offers over 45 million registrations to choose from.
The dedicated search tool allows interested car owners to enter specific criteria – such as your desired initials, for instance – and then browse through a collection of personalised plates.
In addition, the DVLA holds number plate auctions each year from Jan-Dec. The traditional-style auction lets you bid either in person, over the phone, or online.
There are also timed auctions. In this case, you must submit a maximum bid which the other buyers cannot see. The DVLA’s system will then bid for you automatically according to the limit you prescribe – with the highest bidder ultimately winning the private plates.
Broker
Dealers operating in the UK sale/purchase market buy private number plates and then sell them to interested sellers. This is a good way to acquire your desired private license plate in case you can’t find a specific one through the DVLA’s website.
Private Sale
In some instances, you may not be able to find your private plates either through the DVLA or dealer. In this case, you can sift through classified ads in newspapers and car magazines. You’re bound to find an ‘item of interest’, although buying private license plates through an ad can be very expensive.
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Selling your car with private license plates on it? Here’s what you should know…
Private plates can be a lifelong investment and, just because you’re planning to sell your car, that doesn’t mean you have to lose the private plates too. You can always put them on a new car you buy or frame them in your bedroom or living room as a sentiment piece!
Decided to keep the private plates? Excellent! Here’s what you need to do:
Before you can advertise your car for sale, you need to take off the private plates. Then, you must wait for your V5C to arrive which typically takes anywhere between 4 and 6 weeks. If you consult a car broker or private car dealer, they may be able to speed up the process for you.
Now, you need to put your plate on retention. For this, specific criteria must be met:
- Your car must be registered with the DVLA
- Your car must also be registered with a V5C
- Your road tax or SORN must be up-to-date
- Your car should be available to inspect if needed
- Your car should be able to ‘move through its own power’ – that is, it must be mechanically sound so that it can be driven on its own, without the use of a tow truck, e.g.
- Your car must be eligible for an MOT
If you own a classic car with a private license plate on it, then you’re going to need an up-to-date MOT even if your car was originally exempt from MOTs.
To put your private license plate on retention, visit this link. It will take a few minutes and costs £80. Once you complete this formality, you would have successfully retained your private license plate, meaning it will no longer be associated with the vehicle you’re about to sell.
You will receive a Retention document known as a V778, which effectively puts your private car plates on retention for a minimum of 10 years. It’s very important to have the V778 in hand because if you sell or scrap your car before acquiring this, you will indefinitely lose the right to claim the private registration number/plate.
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What if I want to sell my private plates?
In some instances, you may want to sell your private plates, as they are very expensive to acquire and can definitely fetch you an equally impressive price, if you find the right buyer, that is.
You always have the option to sell your private plates along with your car or remove them first and then sell them separately.
If you decide to sell them separately, then you will need to put your plates on retention, of course, after which you can either:
- Go through a private license plate dealer, or;
- Sell the plates yourself
If you decide to sell your private plates along with your car, then you need to follow the normal car sale process – that is, moving the car and private plate ownership to the new owner by updating the V5C. This is definitely a cheaper way to dispose your plates if you feel you no longer want them, as it saves you the time and money of putting your plates on retention.
Liber Financial is your no.1 source for car financing on new and used prestige and luxury vehicles.
We’re here to help
Liber Financial can help you determine eligibility and make the entire process really easy for you.
Call us now to explore a variety of car financing options: 0330 174 8540
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