Industry pundits would tell you that you will achieve the best price for your personalised number plate if you sell it privately, a principle which also applies to the sale of motor vehicles. If you go to a number plate dealer a bit like a car dealer, they want to protect their profits so will give you a lower than market valuation. If you place the plate on an auction site, you may find you get stung for fees and large commission payments. So how can you get your plate advertised to the widest possible audience without using either of these routes? Here are some points to consider first – as recommended by: So how can you get your plate advertised to the widest possible audience without using either of these routes? Here are some points to consider first – as recommended by: https://www.theplateman.net/
- Keep the plate on your car, it’s free advertising and someone may approach you to make you an offer
- There are some number plate sites who offer to sell without taking commission or fees, that’s because they probably charge the buyer instead so they could be worth considering. It is a fact that many people looking for a private plate do search and buy via these specialist sites so advertising somewhere more generic like Facebook or other general sales sites may not get the exposure that you want
- If you do sell outside any form of professional plate selling website then you will need to be really careful that you don’t divulge the certificate number to a prospective buyer when you are asked for proof of ownership. This would allow the buyer to immediately transfer the registration number into his name before any money has changed hands
How does the process work when I find a buyer?
Most buyers want peace of mind and reassurance that you do have entitlement to the plate. Photograph the V5 Retention Document or Certificate of Entitlement so that you can prove you are the legal owner with the right to transfer. Be super careful that you conceal the certificate number or reference number as this could provide your prospective purchaser with the means to instantly transfer the registration number into their own name.
You will need to use a reputable service with Payment Protection such as Paypal to transfer the sale money if you are selling to someone you don’t know. You can do a physical transfer of the plate and money in person. Nowadays so many people use banking apps it is possible to arrange to meet the buyer and conduct the transfer instantly via electronic media.
Once the funds are securely in your bank account, you will need to transfer the registration with the DVLA. If the plate is on a vehicle when you sell, you need to remove it and put it on a Retention Certificate which you can do quickly and easily online via the DVLA. A paper option is still available – complete a V317 application form. The DVLA cost to you is £80, some vendors do add this onto the cost of their plate to the buyer. Once the plate has left your vehicle, you can transfer ownership to the buyer ‘on retention’. This is when you let the buyer have the Certificate Number as this will instantly permit the transfer to their own vehicle.