Certain DVLA licence plates have been sold for upwards of £25,000 at recent auctions, revealing the high price some drivers are willing to fork out for a personalised plate.
Most months, the Driver and Vehicle Licensing Agency (DVLA) and British Car Auctions (BCA) hold auctions where motorists can take home specific licence plates.
As reported by Birmingham Live, some four-digit plates start at highs of as much as £2,500.
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At an auction that was held near the end of last month, a plate with the digits '313 M' was eventually sold for £28,510 — which is more than most people would spend on a car.
Following behind as the second most expensive plate — with a winning bid of £28,000 — was one with the digits '511 AM'.
As stated on the BCA website, people bidding submit their "maximum bids" which are not visible to other bidders.
The bidding then begins at the starting price (plus charges) for each plate.
If there is competitive bidding activity on a lot, the auction system will increase bids in £10 increments on behalf of a registered bidder up to their maximum bid.
The bidding process for specific licence plates usually takes place over the course of a week, with the eventual winner having to pay an additional fee.
The website states that as well as the sale price, the price is also subject to VAT, the auctioneer’s buyer’s premium of 7 per cent together with the £80 assignment fee meaning whoever paid £28,000 for the licence plate will pay more than £30,000 all-in.
Anyone who wins the licence plate will receive a Certificate of Entitlement (V750). This will enable them to assign the registration number to a vehicle registered in their name or someone else.
