Several reasons could make you want to sell your private number plate. While some car owners might want to sell it to make a return on the investment they made on the plate, others may think of selling it out because the number plate no longer has the initial value.
For whatever reason it might be, when the need arises, what comes to mind is to find the fastest way to convert your number plate to cash. Of course, private number plates seem to be very dear to car owners, but I assure you they can be a sure way to get extra cash.
Meanwhile, selling your cherished private number plate to a new buyer can take a long time. In most cases, it takes nothing less than one month, while it can take a little bit longer in rare cases. One of the common reasons it takes longer to sell a private number plate is that most car owners prefer having a unique number plate linked to some of their personal information like date of birth, anniversary dates, and more.
Aside from that, many new buyers would require that you provide some tedious paperwork before they can buy your private number plate for safety reasons. That alone can make the entire process a little bit complicated.
Due to the reasons above, selling your number plate to a new car owner might not be as fast as you expect. And it takes a little process.
What’s the process?
Let me be the one to tell you that your private number plate is an asset. So, you must treat it as such when you want to sell it.
Before you can get your private number plate sold, the first thing you need to do is to patiently do thorough research before you agree to sell it for a price.
Why is that so important? It is because you need to get an accurate estimate of how much your number plate is worth before you attempt to offer it out for auction or enter an agreement either with a buyer or a broker that will put it on sale for you.
However, no general rule states how to sell your private number plate to your best advantage. But you need to know the options available to you. The most common routes to sell your number plate include:
Managing the transaction yourself
Allowing an online expert to manage the sale for you, or
Selling it back to DVLA
Now, let’s take the options from down to the top.
Can you sell your private number plate to DVLA?
The answer is no. The DVLA does not buy a number plate termed ‘cherished.’ The reason is that the DVLA always keeps the record of all private number plates they sell, and they don’t buy the ones they have already issued to a car owner.
If you want to sell your private number plate, the DVLA is not part of your solution. However, there are many other ways you can convert it to cash easily and perhaps, quickly. That leads us back to the first two options earlier mentioned.
How to sell your private number plate
Your first option is to sell the plate yourself. If you are taking this route, you will need to private number plate to the car of your new buyer or, better still, transfer the certificate to the buyer after you have retained the registration number.
You can assign your private number plate to a buyer through the internet or post. To get it done, you will need to attach either your V750 certificate of ownership or V778 retention certificate along with the VSC registration document of your car or the details in the logbook.
Meanwhile, the DVLA recommends that you not scan your V778 retention certificate or V750 certificate of ownership to share online for security reasons. After you have done all that, you are good to offer it up for auction.
Is auctioning the only way to sell a private number plate?
No. There is another way to go about it. You can sell your private number plate through a broker or dealer who specializes in the sale of private number plates. Those brokers or dealers already have active platforms where they can help put your private number plate up for sale and attract a buyer in no time.