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Number Replacement, Retention Fees, payable for New and Existing Cars and Why?

By July 19, 2020July 27th, 2020No Comments
What to pay for number retention and replacement?

When you want to replace your existing car plate number, depending if the number is bidded from LTA directly or purchase from the open market. The payable amount is different. Below are the different charges which will you need to incur:

  1. If you Bid directly from LTA
    The replacement fees is at $321 including GST.
  2. If you purchase from the Open Market
    The number retention and replacement fee is $1300.

The price structure is set by LTA and payment is made directly to LTA. You might wonder why would someone want to purchase a car plate number from the open market when the replacement fee is $1000 more.

There are some reasons:

  1. The open market buyer wants to buy a vintage number which is no longer supplied by LTA. See Vintage numbers> Cost is not the primary concern.
  2. The open market buyer has been bidding for his desired number for some time without success and decided to buy a ready number from the market. See popular numbers>
  3. The open market buyer wants to find an earlier prefix which has passed its running series. For example in the time of writing, LTA random series is at SMT. If the Buyer wants to buy an SDS series he could only get it from the Open Market. See all Numbers here>

Many times it is still more worthwhile to get a number that you desire from the market, as you the exact amount that you are going to pay for the number without a wild guess of the price you paid. Bidding to high might meant that you have overpaid for the number without other bidders, and bidding to low might means that you will not be able to secure your favorite number. When you buy from the open market, the price and number you paid for is assured and firmed.

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