A car expert is urging drivers with private registration plates to check their values after one sold for £73k at auction.
A number plate recently sold at auction for a staggering £73,010 according to DVLA auction data. Plates similar to the one that sold, which read 5 PS, were sold for much less only 30 years ago.
Registration 4 PS sold for £5,100 in April 1993 and 6 PS sold for £5,800 in July 1993. Jon Kirkbright, sales director at PlateHunter, said the contrast in figures show purchasing private registration plates can prove to be an investment opportunity.
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The expert said: “I always say that every three to five years, private number plates should double in value. Buying a private plate is a really good investment as they often go up in value. 5 PS is proof that this can happen.
"It was auctioned for £73,010 by the DVLA this month. Whereas 6 PS was sold for £5,800 in July 1993. This suggests that the similar number plates that were sold previously for a fraction of that price, could sell for the same or similar.
"Without seeing comparisons like this, a lot of customers may not realise that their plates are worth so much money after buying them for much less decades ago. People are often looking for proof of increased value and good investment, and this is it.”
Mr Kirkbright encouraged those with private registration plates to ask about how much they could be worth today. Data suggests shorter number plates are in higher demand at auction and manage to bring in a bigger return.
Earlier this month, a plate reading 82 O was auctioned and fetched a huge £70,000 price tag. Other plates sold at the auction included 41 0VE which sold for £37,510 and a plate reading 180 Y was sold for £37,060.
People looking to purchase private number plates sometimes do so for personal or practical reasons. Drivers will likely be looking for plates which resemble names, initials or words that are meaningful for them - as well as numbers which correlate with special events such as birthdays.
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