Private plates have become increasingly popular in recent years, attracting both drivers who seek personalization and investors looking to make a profit.
The willingness of some individuals to spend significant amounts for a desired private plate is remarkable.
The most expensive private plate in the world was recently sold for £13 million in Dubai to an unidentified bidder. The plate? One single “7.”
Now, let’s take a closer look at the top ten most costly registrations sold by the DVLA in 2023.
Top 10 priciest registrations sold by DVLA in 2023
In 2023, the final in-person DVLA auction was held in October, marking the end of an era in the world of private plates.
- H1 NDU – £112,010
- 1 DEO – £106,090
- 42 O – £96,670
- DEO 1S – £80,010
- 5 PS – £73,010
- 67 O – £72,910
- 82 O – £70,000
- 46 O – £58,500
- 51 O – £57,000
- BSK 1 – £53,010
*prices excluding auction fees and taxes
The DVLA now conducts six sales per year of personalized registration auctions, which are entirely conducted online.
At a DVLA auction, ‘H1 NDU’ secured the top slot for 2023 and sold for £112,010 (fees and taxes excluded).
The ‘O’ trend for private plates dominated the top 10, accounting for half of the priciest private registrations.
The private plate market today is moving towards auction standards like these.
The most expensive private plates ever sold by DVLA
During 2023, DVLA registrations didn’t perform as well when compared to the previous five years. According to Jon Kirkbright, director of sales at Platehunter, this is attributed to lower-quality stock.
Out of the ten, five were valued at more than £112,000. Only one of these, the most costly ‘H1 NDU’ from the previous year, was sold in 2023.
On November 27, 2014, ’25 O’ became the most expensive DVLA registration ever sold, with a total price of £400,000 (excluding fees and taxes).
Where the private plate market stands
Businesses in the industry estimate the value of the British personalized number plate market to be around £2 billion as of 2023.
Last year’s DVLA auctions saw the sale of 17,823 registrations, with bidders spending about £49 million (including fees and taxes).
By the first 17 days of January, Platehunter’s turnover had increased by 25% over the previous year, and the number of valuation requests received each day had increased by 100.
Kirkbright is expecting this year to be the biggest yet: “The second-hand plate market keeps going from strength to strength, and 2024 will be no different.
Five reasons people spend big on private plates
Names, initials and words
The most popular reason for splashing out on personalized registrations is number plates that spell out names, initials, or words. Many people want to showcase their uniqueness and personalities.
Investment
The performance of private number plates is luring investors away from traditional investments because they promise higher returns.
Covering up a car’s age
Drivers can install a private plate that hides the age of their vehicle, eliminating the need to drive around with a DVLA plate that identifies their age.
Power symbols
Drivers with personalized plates that reflect their desired public persona project their status, wealth, or influence.
Sentimentality
For some, personalized number plates bring back special memories, making them worthwhile investments.