If you’ve ever been stuck in traffic behind a car with a unique, amusing tag, you may have thought about purchasing personalized number plates for yourself.
Many people would love to own a vehicle with a personalized number plate because it stands out among the lot. Like any accessory in your vehicle, this is also a very catchy personalization to invest in.
Personalized plates have a reputation for being expensive — one that is largely due to coverage of record-setting plates such as “F1” and others.
However, the reality is that many personalized number plates are not just affordable, but surprisingly easy to purchase. Most people confuse it with a long term process and a very risky thing too.
Below, we’ve listed five things that you should know if you’re considering buying a personalized plate, from how VAT and fees factor into the purchase to transferring or selling your plates in the future.
Personalized Number Plates – 5 Things You Need to Know
Personalized Plates Aren’t as Expensive as You May Think
Contrary to popular belief, personalized number plates are not that expensive. In fact, many plates can be purchased for only a few hundred dollars — significantly less than the huge sums you often see reported in the news.
Rather than relying on the news, you should rely on a good set of options that you can get in your budget. The best way is to analyze different options and then make a final decision rather than just relying on one option alone.
If you stick to simple letter and number combinations, you can often purchase a set of number plates for as little as $95. This list of stock personalized number plates includes a large selection of plates, many of which are priced below $130 per set.
For Many Personalized Plates, You’ll Need to Pay VAT and Certain Fees
The cost of personalized number plates is made up of several different parts. First, there is the cost of the plate itself. This is something that you will pay either to register the plate (in the event that you are purchasing a new plate) or to buy it from the current holder.
Then, there is a 20% VAT fee, which you will need to pay if you are buying a plate from the DOT or a VAT-registered seller. Finally, there is a DOT transfer fee that you will need to pay to transfer the number plate to your vehicle.
Once You Have a Personalized Number Plate, You Can Transfer it to Another Vehicle
Many people fear that personalized plates will be legally “attached” to a specific vehicle after they are purchased, preventing them from upgrading to a new car in the future.
Moreover, they think that it will have legal implications and a very tiring process to bear with. This is not true. In fact, it is easily possible to transfer your number plates to a new vehicle if you ever decide to replace your old one.
The process is quick, simple and allows you to keep your personalized plates for the long term, regardless of which car you are currently driving. So, all in all, this is a very fruitful and long-term investment in this respect.
It’s Usually Possible to Keep Your Old Number Plates
Want to keep your old number plates? No problem. If you would like to keep your old registration number (the number plates that you used before buying a set of personalized plates), you are legally entitled to retain it for use in the future.
To do this, you will need to pay a fee to the Department of Transportation. If you decide to sell your personalized plates in the future, retaining your old registration number allows you to use the previous number plates without any significant issues.
If You Get Tired of Your Plates, You Can Sell Them to another Motorist
Finally, if you ever get tired of your personalized plates, you have the right to put them on the market and sell them to a new owner.
With that, we know we are not investing in a waste. It is something, which is easily flippable, and you can replace it easily with a new one with a small cost.
Many would-be buyers are happy to purchase their personalized plates from a current owner, especially if your plates are in high demand.
Selling plates is a relatively simple process, with most of the country’s top plate sellers also offering valuation and selling services.
It has nowadays become a trend to get yourself a personalized number plate. People tend to get different themes and designs used as per their liking in personalization.
However, it is important that you make sure all legal aspects are cleared before you purchase a pre-owned personalized number plate, because getting a fake one could cost you a lot more.