If the vehicle belongs to you and you are the registered keeper of the vehicle, and a personalized number plate is assigned to the vehicle, you can legally sell your car with the personalized number plate. Most people are unaware that you can sell a personalized number plate with the vehicle. It is important when doing so to recognize the value of the personalized number plate and to add this to the value of the vehicle. You can also sell the personalized number plate separately by retaining the registration number. This option provides you with the time required to find a potential purchaser and realize maximum value for your personalized number plate. After all, it is unlikely that the person that wants to buy your vehicle has an interest in the personalized plate assigned to the vehicle.
This article intends to give you clarity about how you can approach the sale of a personalized number plate already assigned to a vehicle.
It is your choice and it is you that needs to decide if you want to sell your personalized number plate with the vehicle or whether you would like to sell it separately. If you are willing to sell the personalized number with the car, then you need to quote the purchaser a price with the added value of the personalized number. If the purchaser agrees to the price then you can sell it as part of the transaction for the vehicle and by changing the registered keeper to the new owner you can transfer entitlement of the personalized number to the new vehicle owner.
You can also look to sell the personalized number plates separately and not with the car. In that case, the person buying the car will have to wait until the personalized number has been removed from the vehicle. In order to remove the personalized number plate, you will have to remove the registration and place it on a V778 retention document. The replacement V5C document issued by DVLA will then allow you to transfer ownership of the vehicle to the purchaser of the vehicle with a standard registration number assigned to the vehicle.
In addition to placing the number on the V778 retention document, there is also an option to transfer the number to another vehicle that you own before selling the vehicle. A summary of the options are:
1. You need to transfer the registration to another vehicle if you have one. In this scenario, the personalized number plates will be transferred and assigned to your second vehicle prior to selling your first vehicle.
2. You can retain the registration number on a certificate. This approach will allow you the option to sell or to re-assign the number to one of your vehicles in the future.
You can then sell off the private plate separately after you retain or reassign the registration. It is an ideal alternative to selling it off separately from the car. You are more likely to generate a higher price if you sell it alone and you take your time to find an interested party with a connection to the plate. Selling it with a car will set you in a position where you might have to strike a bargain in order to close the deal.
But as you are here to learn about selling your car with the personalized number plates assigned to it, let’s stick to doing that!
So, if you have made up your mind to sell your car without retaining the number plate, here are the steps you need to follow:
1. First of all make sure you look for buyers in your immediate area. You can post an ad with online vehicle sales sites, or talk to a local pre-owned car dealership. If you are selling the vehicle privately, then you will get a better price, but if you are selling it through a third party you will have to leave some margin in the vehicle for the third party.
2. You need to talk to the buyer or pre-owned car dealership to gauge the best price for your personalized number plates. If you are advertising the vehicle online, make sure you detail the plate in the description whilst making clear its value.
3. Negotiate within the time window you have set, and close the deal at a price that justifies your car’s age and the unique number that you are selling with the vehicle.
4. When the deal is finalized and you have received payment you can transfer entitlement of the vehicle and the personalized number plates by changing the registered keeper details on the V5C logbook to those of the purchaser.
The transfer of entitlement process may take a few days, but this is all you need to do to sell your car with personalized number plates. Do not negotiate for too long and be strict in your requirements for the combined price of vehicle and plate combined. Purchasers do look for opportunities to get a bargain when it comes to personalized number plates.
You can sell your personalized number plates with your vehicle or you can retain the number plates before selling your vehicle. There are pros and cons of each option and you will need to decide what is best for you with the time you have available.