This is the most common question we get asked by almost all sellers. Of course, everyone who is selling their Car plate number would want to find out the selling price so that they (the seller) can decide if it is worthwhile selling their vehicle number plate.
Here is our secret to evaluate the selling price of Vehicle Number plates. There are basically 3 ways to get an assessment :
- Comparing with market price
For example, if the seller wishes to sell a double-digit car plate number 22, we can get a price aggregation from our current listing to provide a benchmark selling price. Depending on the Prefix nonvintage car plate-like 22 can ask for around $13-15k.
- Last transacted price
The market price which is also the asking price might not be accurate as a seller might deem and value his number 22 at $25,000 due to sentimental value or perhaps what his friend told him. So, if we solely just evaluate the car plate number based on what the market is asking/calling the price might not be accurate. A better benchmark would be the actual transacted price. In our case in June 2020 we sold a number plate SKD22K at the price of $13,800, this should give the seller more concrete and the idea of how much they can sell the car plate number for.
- Past purchased bid price
We can also advise the seller based on his past bid or purchase price of the car plate number comparing to the current selling price of the number. Example SKD22K was secured via LTA bidding in June 2011 for $12,000 (only an example) the seller use this number on his car for 10 years or so. The seller will be happy to sell off the number plate above the price of $12,000. We would share our views with the seller on his selling price to ensure it is correctly priced to market.
Valuing the car plate number is more of an art than science as the car plate number is not backed by any fixed assets. Having said that, the value of car plates has been supported by demand since the 1950s.
In our opinion, a car plate number is very much a product between a willing buyer and a willing seller. So long as you are happy with the selling price and the buyer is happy with the buyer’s price, the deal can be done.
If you have other enquiries regarding the sale of your car plates, check out these frequently asked questions and their answers:
Q: How do I know if I am eligible to sell my car plate?
If you login to your www.onemotoring.com.sg account, you will see that the car and the car plate number are under your assets. The rightful owner will have the right to transfer or sell their car and car plate number to another company or individual.
Q: Where should I sell my car plate numbers?
You can sell your car plate yourself on any online classified websites where you may reach your potential buyer. Alternatively, you can choose to sell them through a marketplace for car plate numbers like carplatemart.sg
Q: What is the selling procedure like?
Step 1: Post your car plate number for free via https://carplatemart.sg/post-free-advertisement/
Step 2: Carplatemart.sg will promote your car plate number to targeted buyers via social media, email, and WhatsApp. Our super filter allows us to sort and filter the car plates for customers who will be keen on your number or similar car plate numbers, increasing the chance of a sale in a very short time frame.
Step 3: When a buyer is secured, carplatemart.sg will provide assurance and peace of mind during the transfer in these two most important areas:
- Print out from LTA :
An LTA printout with the time and date detailing the retention and transfer of the car plate from the seller’s name. This will assure the seller that the number is properly transferred and free the seller from any summon or traffic offense incurred by the new owner.
- Payment :
Payment is made to the seller via FAST Transfer or Cash before the transfer of your Car plate number. We understand that the biggest nightmare for a seller is when no payment is received or negotiation on the pre-agreed selling price happens after the seller transfers the car plate number to the buyer.
Q: How do you earn?
Sellers who want to sell faster can choose to do paid advertisements where your car plate number can be showcased under our Spotlight promotion boost. Our current promotion rate is at $30 for a 30 days boost. Sell Faster via: https://carplatemart.sg/post-paid-advertisement/
Q : Can I advertise for Free?
Yes, you can also advertise for free. Our promise to you is that you can post your advertisement for Free, Forever until your number is sold.
Q: Can we engage you to help us transfer a Car plate number?
Yes, When the sale of your car plate is confirmed, we can charge a nominal fee of $600 which includes the following: 1. Transfer services of your car plate from the seller to buyer, 2. LTA Print out, 3. Proper insurance to help transfer the vehicle number.
Q: What are the fees payable to LTA for Number retention and replacement?
There will also be fees payable to LTA incurred (ONE out of 3 cases below):
- If your car plate number is on your car: $1300 Retention fee + $25 Transfer Fee
- If your car plate number is a newly bidded number and you have NOT use the car plate number: $321 Replacement Fee + $25 Transfer Fee
- If you have already paid 1300 to retain the car plate number: $25 Transfer Fee
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Sell your car with wagon mate the fast and easy way