Obviously, pricing of personalised numbers plates varies significantly between pronounceable and non-pronounceable permutations. The length of the alphanumeric combo also plays a role in the pricing. Aside from those two factors, there is a strong perception that pricing in the personalised number plate sales market are largely arbitrary, with some influence seasonal or thematic events.
That may be true, but a first of its kind research conducted by the University of Warwick using sales data from DVLA auctions revealed some trends that will prove useful to both buyers and sellers alike.
A private plate with a surname increases its value by around £1,300 over average market price.
Although not as valuable as a surname, a first name on a personalised number plate is worth an addition £1,000.
A personalised number plate starting with the number ‘1’ adds about £1,000 to the average price.
Incredibly, auctions held by DVLA which bears the term ‘classic’, such as Classic Collection, generates an average £2,500 extra per plate. Researchers speculate that it’s because the term classic draws a wealthier crowd.
Number plates with complete words routinely sell for an extra £200.
This, we all know: the shorter the alphanumeric sequence, the higher the price is.
Amazingly, number plate sequences which begin with the letter ‘S’ are sold about £1,000 higher compared to the average.
Conversely, plates which start with the letter F are sold £1,000 less than average. Researchers are not able to provide an explanation for this.
Whether it’s tiredness or depleting funds, sales prices tend to go gradually lower throughout the day. In fact, the average selling price goes down by an average of £350 at the end of the day.
The researchers have attempted to create a pricing equation regression formula to calculate estimated selling prices of number plates. However, the formula appears to be overly complicated and rely on numerous ambiguous parameters, that for all intents and purposes, makes it almost impossible to calculate a reliable figure.
So it looks like number plate brokers will continue to rely on gut instinct and perceived demand when setting the prices for their registration marks. Nevertheless, the nine observations noted above could still prove to be useful for casual buyers and sellers.
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