How much does it cost to transfer a private number plate?
In our previous article we explained how to find the cheapest private number plates deals using RegCompare and how to keep the main cost of owning a private plate to a minimum. But once you've found and bought your perfect private number plate, what other costs are involved?
You will be pleased to know that there are no ongoing costs of owning a private number plate. For example, there are no annual renewal fees to retain ownership. The only time you will need have an additional cost is where you wish to transfer your private number plate to another vehicle, or transfer it to a retention certificate.
Transfer to another vehicle:
To transfer a private number to another vehicle a fee of £80 is payable to the DVLA. The fee covers a set of number plates for the donor vehicle (which will usually be given its original registration number), new number plates for the receiving vehicle, and updating all Tax and MOT records. Usually the buyer of the private number plate covers the £80 fee, and if you are looking to buyer a private number plate from an agent you will see the £80 added to the cost of the plate
Transfer to a retention certificate:
Transferring your private number plate to a retention certificate allows you to retain ownership whilst not having the number plate on a vehicle. You may want to do this if you sell your vehicle without immediately buying a replacement vehicle. The cost of this type of transfer is also £80, and you will receive a certificate that states that you have the right to assign the registration to a vehicle for the next 10 years.
So with ongoing costs of owning a private number plate being next to nothing, the best way to save money when considering a private number plate is to find the most competitive price on the registration itself. RegCompare helps you do this and compares prices with up to eight agents to ensure you get the cheapest private number plates on the market.