If you’re looking for a great gift for a first-time driver then you don’t have to break the bank by surprising them with a private number plate. With more cars on the road, private number plates are more accessible than ever, not only because there are so many of them, but because they now come at a more affordable price. But exactly how much do number plates cost?

The cost of a private number plate

You may think that private number plates hold an expensive price tag, but that’s not always the case. It is possible to buy a private number plate for as little as £250 from the DVLA website. This all depends on how popular the number plate is that you want to purchase.

Number plates that resemble popular names such as ‘Tom’ and ‘Joe’ are more likely to have a higher price as they will be sought after by more people. This also works in reverse, if you’re looking for an abstract number plate then this is where you could get a good deal. More often than not, it is the common words that end up selling for a higher price online and at auction.

Another thing to consider is the age of the number plate you want to buy. Plates created before the 1960s are known as cherished plates because they are so highly sought after. But what makes them so special? Well these plates have fewer letters (often 3) which means it is possible to be more creative. On top of this, plates made during this time are also dateless, so you are able to disguise the age of your car.

The world’s most expensive number plates

Of course, there is still an extravagant side to the world of private number plates, with the most expensive fetching hundreds of thousands of pounds at auction.

Currently, the most expensive number plate sold at auction is the plate ’25 O’ that sold in auction back in 2014 for over £500,000. It was sold to a businessman that apparently intended to place in on his Ferrari 250 GT (a fitting place). Other number plates that have sold for extreme amounts include:

• ‘VIP 1’ – £285,000
• ‘M 1’ – £330,000
• ‘F 1’ – £440,000

Ongoing cost of a private number plate

Although the initial cost of buying a private number plate can be costly, maintaining the plate isn’t going to break the bank. Once you have paid to apply your number plate to your vehicle (£80) there are no more fees to pay unless you decide to sell your number plate, swap it to another vehicle or you want to retain it.

There are different reasons you may want to retain a number plate. You could be selling your vehicle but you want to keep your plate for the next car. Or it also might be possible that your intent to sell your number plate, but want to retain it first in-order to wait and get the best price. Whatever your reason, you will have to apply through the DVLA to retain a number plate. The initial cost is £80, however once this has been paid, you will be able to retain the number plate for up to 10 years. Any time after this you can apply to retain it for another 10 years free of charge.

Any other additional costs that come with a private number plate are simply having them re-done if the number plate cracks, fades or breaks. You can find a local number plate supplier on the DVLA website and contact them for a quote for the service you need.