The auction market for personalised plates in UK has generated over £49 million in sales and is considered not just a cultural phenomenon but also a significant economic one as well. This revenue highlights the high value on custom registrations and the willingness of buyers to invest substantial sums in obtaining them.
Obviously, the shorter number plates being the most desirable for their simplicity and rarity, often commanding the higher prices.
Evolving trends
The market of personalised number plate UK is set for considerable expansion and this is being fuelled by a mix of social trends, technological innovations, and evolving consumer preferences.
Online platforms and specialist dealers are on the increase, harnessing technology to improve their services, using sophisticated search tools, valuation algorithms, and tailored recommendations which makes it easier for buyers to locate the ideal plate.
How have the different trends changed over the years?
When DVLA first introduced number plates back in 1903, they consisted of 1 letter and 1 number, obviously they soon ran out of this combination as the Motoring Industry grew, hence why these early issued plates hold a lot in value due to their age. For example, plates that have fewer characters or plates released before 1963 are typically the most valuable.
Once we hit the 20th Century there was 5000 cars on the road but compared to today’s total of over 41 million, this number really does feel tiny.
As time went on DVLA decided to keep them extremely exclusive, allowing only a limited number of private number plates to be issued each year. In 1989 the very first DVLA auction had just 74 lots and due to the limited supply, personalised plate prices were high and they were very much considered a status symbol. While they still remain a premium product and great investment, the DVLA removed the restriction on the total number of private number plates, making them more accessible to everyone, and leading to a change in the market, now having 2000 lots per auction.
Increasing Popularity Amongst the Younger Generations
While drivers who are aged over 50 (25 per cent) are most likely to drive a car with a personalised plates in UK, there is a surprising rise in the number of younger motorists particularly millennials and Gen Z, are increasingly viewing and purchasing personalised plates as a form of self-expression. This shift reflects a broader cultural trend towards individuality and personal branding allowing this affordable luxury to make a distinctive statement.
Social media has played a crucial role in this trend as they now frequently appear prominently in online content, including Instagram stories, YouTube car reviews and other social media platforms that are dominated by the younger generation creating a ripple effect, inspiring more young people to purchase their own unique and distinctive plates.
Online search interest in buying and selling private number plates has increased by 58% since 2018 and this trend in vehicle personalisation is showing no signs of slowing down, with the industry worth a whopping £1.3 billion in 2022, increasing by 275% since 2018.
Technological Innovations and Online Convenience
The digital revolution has now transformed how consumers and sellers are able to easily get access to personalised plates engaging with a much wider target audience as this digital shift has not only streamlined transactions but also enhanced transparency and trust, encouraging more and more people to invest in personalised plates.
Electric Vehicles and the Green Movement
The growing rise in popularity of electric vehicles (EVs) is another key factor set to boost the market for personalised number plates UK, as more people transition to EVs, there is a rising interest in customising these environmentally friendly cars. Additionally, the government offering various incentives and increased availability of EVs are making them more attainable. As the EV market continues to grow, demand for personalised registration plates is expected to follow suit, giving rise to a new and expanding segment within this industry.
Investment Opportunities and Economic Factors
In 2020 (Covid Pandemic) the UK only had 1.63 million new cars registered, a 29.4% drop compared to 2.2 million by the end of November in 2019, this was the toughest year for the market since 1992, with the finances of many people affected by the pandemic, car purchases had to be pushed back.
The lockdowns and tier restrictions led to more people working from home which in turn has meant up to 550 million fewer miles being driven by UK commuters. Compared to pre-coronavirus levels in March this year, commuters are driving an average of 30 fewer miles each week and yet the vast change in the UK’s driving habits and falling new car sales due to the COVID-19 pandemic, the demand for private number plates is as strong as ever according to a press release from the DVLA.
Personalised number plates are increasingly being recognised as a savvy investment, unlike most consumer goods that depreciate in value, certain number plates can massively appreciate in value, attracting a new type of investor who views personalised plates as a tangible asset class.
The stability and potential returns offered by a personalised number plate UK become especially appealing during times of economic uncertainty. As traditional investment options experience volatility, many people are seeking to diversify their portfolios with alternative assets, such as personalised registration plates.
The UK market is also benefiting from International buyers and global investors, particularly from countries where personalised plates are more costly or rare, they are now increasingly turning to the UK market. The UK is an appealing destination for these buyers due to the DVLA’s strong reputation and transparent auction process.
As the international interest grows, its likely to see as global wealth increases and more people seek unique ways to display their status and identity. The UK’s leading position in the personalised plate market puts us well ahead to capitalise on this trend.
Brand Partnerships with Innovative Marketing
With more creative marketing strategies and brand collaborations expected to drive further growth of the personalised registration plate market, like car manufacturers and dealerships partnering with the DVLA and private dealers to offer personalised plates as a package to enhance the whole vehicle buying experience, making it easier for customers to personalise their new cars.
Additionally, personalised plates are reaching broader audiences due to these campaigns that highlight not only the prestige, investment potential and individuality, but also these efforts are helping to demystify the process and attract more first-time buyers.
Looking to the Future
The future for the personalised registration plate market UK is definitely on the brink of substantial growth with all the technological advancements, increased appeal among younger buyers, the expansion of the electric vehicle market, investment potential, global interest, and innovative marketing strategies are all contributing to this growth. As the market evolves, it will continue to offer exciting opportunities for consumers and investors, solidifying its position as a dynamic and profitable sector of the UK economy.
Examples of substantial value increases over the years:
1 MWH Purchased in 2005 for £14,000, its current value is estimated to be between £40-£50k
6 MJB Purchased in 2000 for £6,100, its current value is estimated to be between £20-£25k
9 J Purchased in 1995 for £8,100, its current value is estimated to be between £250-£300k
JAM 3S Purchased in 1998 for £9,200, it was sold in 2021 for £95,500 - a 933% increase.
P14 STA Purchased in 2018 for £3,250, it was sold in 2020 for £7,750, a 138% increase
1 S purchased in 2010 for £340,000, its value has almost doubled since then.
So, whether you’re motivated by the pursuit of individuality, investment potential, or simply the joy of owning a piece of personal branding, the market for personalised number plates continues to thrive, driven by the unique stories and aspirations of its participants.
Looking to buy a private number plate?
Take a look on our website at the thousands and thousands of private number plates to suit all budgets with prices starting at just £275, it is a perfect & unique gift for everybody.
Click the link www.moonstoneplates.com/buy or press our logo to go back to the home page to begin your number plate journey!
Or if you would like to speak to someone you can call our team Mon-Fri 9am to 6pm at 01995 213112 or click here to contact us!
Looking to sell a private number plate?
Alternatively, if you have a registration plate and are looking to sell or know someone who might you can click here to go to our sell page or give our team a call on 01995 213112.
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