As a child, I always pictured myself with a private registration plate on my car that read something cool (such as ‘C00L’) and years ago, a private plate was often a sign of wealth. This is despite the fact that a set of tyres costs more than the average private registration. Since growing up, I have registered many private plates on my cars, although none of them was worth transferring when I have upgraded. My main reason for registering a private plate is to hide the age of my car from neighbours and it increases the value when I sell the car on.
Silly Money or Money well Spent
Sadly, our income is not sufficient to warrant the purchase of a brand new car when the latest registration comes out twice a year. On average, the wife and I change our car around every two years for something a little younger with lower miles. Most of my miles are on the motorway back and fore to work and this does nothing to help retain value. This is why we tend to register a private plate, because you would be surprised at how many people believe our second hand car is the latest model as a result.
Forecourt Success Raises Trade-in
When it comes to trading in the old car for a newer model, dealers appreciate the private plate because people, who see the car on their forecourt, are not instantly put off, if the car is a year older than they would like. This increases the footfall of customers and gives the salesperson an opportunity to make a sale that would have otherwise stayed away. Private registrations are proven to help a car hold their price. Garage owners appreciate this and it is reflected in trade-in value. If nothing else, it suggests that the previous owner was willing to invest money and cared for the car.
The Perfect Plate is the Available Plate
If a private registration plate is to be used to increase a car’s value, it’s wise to stay away from obvious names. These can fetch high prices, but the chance of the name matching the car and buyer are low. Private plates in this category are keepers that should be transferred to every car you own. The best advice is to look for something generic that says little about the car and is low cost. Some low cost cars often come with a number plate that is worth more than the car and it could even be worth checking them out.