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UAE: Dh55 million for a car number plate? Why they cost so much
Less is more — that’s definitely true when it comes to car number plates in the UAE. The fewer the digits, the more expensive they are. This could help explain why Dubai’s ‘P7’ car number plate set the record for the most expensive number plate in the world when it was auctioned for Dh55 million in 2023. This surpassed the previous record of Dh52.5 million set by the 1 number plate sold in Abu Dhabi.
Owning a personalised number plate could turn more heads than the car you drive. And thankfully, you don’t need to spend millions to acquire one. While single-digit number plates are the most expensive, there are many double and triple-digit combinations that are priced lower. Or, you could go the other way and pick numbers that represent a significant date — such as the date you got married, or the birth date of your children.
The Roads and Transport Authority (RTA) in Dubai has just finished its latest auction of distinctive number plates consisting of three-, four-, and five-digit combinations for private vehicles, classic vehicles, and motorcycles. This was the RTA’s 79th online auction and included 350 exclusive plates up for grabs. Many of its auctions are organised to raise money for good causes, such as the 1 Billion Meals Endowment and the Fathers’ Endowment Campaign.
The One Billion Meals Endowment campaign was launched under the global initiatives umbrella spearheaded by Sheikh Mohammed bin Rashid Al Maktoum, Vice-President, Prime Minister of the UAE and Ruler of Dubai, with the aim of fighting global hunger. One of the most memorable auctions saw Muhammad BinGhatti, chairman of Binghatti Holding, pay Dh35 million for the DD5 number plate, which started with a bidding price of Dh15 million.
While single-digit plates are the most exclusive, repeating numbers (like 111, 7777) or patterns (like 1234) are also highly prized. Personalised number plates are bought primarily as a status symbol, much like an expensive watch. But there are also those motorists who buy them as investments, hoping their value will increase over time.
Manan Mistry, who owns the company Create Me, has bought four personalised number plates during his 19 years in the UAE. The 45-year-old paid around Dh4,000 per plate, which were put on various cars, including a Hummer, Chevy Camaro and Mustang.
Important numbers
“I just thought it would be cool to have what you wanted, so I went ahead and bought personalised plates,” he said. One of the number plates is similar to his phone number while another one is the date of his wedding anniversary. Mistry plans to sell two of them as a pair, but not the marriage date one as it is “priceless”. “I also have L plates, which people think is a limo company. But at the time, it was the letter,” he joked.
Jamie McGinlay, 49, bought the number plates O 3275 and P 3275 about five years ago and paid Dh9,000 for the pair. “Originally, one was on my wife’s Porsche Cayenne, but it’s now on my Lotus Emira. The other has always been on my Aston Martin. I thought it would be a good way of making a little money on something a little fancy as I have always liked cars,” explained McGinlay, who is the CEO of a defence contracting company and has lived in the UAE for 16 years. “I haven’t ever sold them, but I am aware that their value has increased massively.”
Back in 2017, the RTA launched a campaign called “Your Memorable Moments on Your Vehicle’s Plate” for U-coded plates. It allowed buyers to choose five-digit plates bearing a code personalised to resemble important dates. If I were to buy them for my two sons’ birthdays, the plates would look very similar – 10107 and 10710.
If you want a personalised number plate (officially called Special Plate Numbers) in Dubai, you can buy one directly from the RTA, participate in one of its online or physical auctions, or from a second-hand marketplace. The RTA offers customisation services, allowing you to choose letters and numbers that hold personal significance, as long as they haven’t already been taken.
Regular number plates have single letters at the front, with lower letters like A, B, and C normally meaning they are older. Once you start seeing double letters (like CC) then you will know these are part of a special series or auction.
If you are taking part in an auction, make sure you determine your budget before you start bidding. Personalised plates can range in price from thousands to millions of dirhams, so don’t get carried away. Having a hard ceiling on the price you are willing to pay will stop your emotions from taking over. Auctions can be competitive, especially for highly sought-after plates, so think carefully before you enter a bidding war.