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How Much Is My Number Plate Worth?
There may be cases when owners of personal numbers want to sell their number. Or at least find out how much their investment is worth. Finding out how much your personal license plate is worth is quick and easy.
However, the key to getting the right value is an honest and unbiased appraisal. To obtain this, you should contact a qualified, experienced appraiser who will give you the true value of your plate’s market potential.
You should look for experts who will give you a current value – what they think you can get by selling your license plate today. Some appraisers will give you a price based on historical values; this is not what you want. Others will value your personalized license plate based on future demand. You don’t want that either. You want to get a price based on current market rates.
This article will provide you with all the information you need to know before contacting a valuation expert.
1. Target market
There are many factors that are taken into consideration when an appraiser evaluates a plate. These include:
- How appealing is it to a wide audience?
- Does it have numbers as words or words as numbers?
- What substitutions are made with spelling?
- Does it have a popular name?
- Does it have a popular number?
- Can you read this without straining your eyes?
- Is it undated?
- Does it contain one of the key digits (eg 1)?
These factors, among others, will determine the value of your registration number due to the market demand for it. While the appraiser should be able to see if there are any special or unique associations with the plate, they may sometimes miss them, so be sure to point them out.
2. Similar registrations
Spend time on dealer websites or magazines looking at similar registrations. It helps to look at other plates on the market that are similar in nature. You’ll get an idea of how much your own license plate is worth before the appraiser gets back to you.
3. Fees
Some appraisers will charge a fee for the appraisal; others will not. Others factor in their commissions and marketing costs. An honest dealer will be open and transparent about their costs.
4. Time frames
Appraisers evaluate license plates every day, so they should know pretty quickly how much your personalized license plate is worth. As many sellers use three companies for valuations, license plate companies are usually very busy, especially during busy times such as weekends, summer and Christmas. Expect your number plate to be evaluated within a maximum of three days.
Bottom line, if you really want to know how much your license plate is really worth, you need to have it professionally valued by people with experience in the market.
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