Sales of new cars may have hit rock bottom in recent weeks due to the continued Covid-19 pandemic, however the private number plate market remains extremely buoyant with experts predicting another record year for prices. The live DVLA auction scheduled to be held between 13th and 15th May 2020 was forced to switch to online only due to the lockdown restrictions and took place instead between 13th and 19th May, however this had little impact on sales with the auction proving as successful as ever.
Big private number plate sales
Some notable premium registration realised impressive sums, the most notable amongst these being J42 MES which sold for a higher-than-anticipated £80,020 (£102,805.60 including VAT, buyer’s premium and assignment fees) and 4 RS which realised £74,010 (£95,108.84 incl. VAT & fees).
Other notable sales included IG 5 which went for £68,270 before VAT and fees, while 88 O and 8 YK sold for £45,030 and #37,300 respectively.
Price to pay
When bidding for a private registration number at an online DVLA auction, remember that the final price you pay won’t be the same as your successful bid. Firstly, the selling price will be subject to VAT at a rate of 20%, plus a buyers premium of 7% will be added (this also subject to VAT at 20%) and finally an assignment fee of £80 will need to paid. As an example, a successful bid of £1000 for a private registration number will ultimately cost the buyer £1,364.00 with VAT and all fees included. Please take this into account when placing a bid as the final price may well be above your budget with all the additional costs added.
Also remember that an ‘expected’ price may be vastly different to the price which is ultimately realised for a particular number plate. An example of this was the sale of J42 MES which was initially expected to realise around £5-10K but which actually sold for much more.
Top online auction registration sales – 13th – 19th May 2020 (prices in brackets include VAT and all fees)
J42 MES – £80,020 (£102,805.60)
4 RS – £74,010 (£95,108.84)
IG 5 – £68,270 (£87,738.68)
88 O – £45,030 (£57,898.52)
8 YK – £37,300 (£47,973.20)
1 YLA – £30,510 (£39,254.84)
611 S – £26,010 (£33,476.84)
23 GTS – £24,140 (£31,075.76)
5 XP – £20,010 (£25,772.84)
54 LAM – £18,520 (£23,859.68)
The next timed private number plates auction its scheduled to take place from Wednesday 22nd July to Tuesday 28th July 2020 and registrations included in the sale can be viewed 48 hours prior to the start of the auction.