Tuner buys F1 license plate for record $870k
The phrase "cost is no object" was redefined last week when an aftermarket tuner dropped close to a cool million on a license plate. Yes, a license plate. The "F1" plate was first registered in the UK 104 years ago, when it was more likely a two-digit coincidence than a vanity plate, and until recently was used on a Volvo S80 owned by the chairman of the Essex County Council. F1 chief Bernie Ecclestone and former F1 driver Eddie Irvine had tried to snatch it up in 2005 at Goodwood, but failed to meet the reserve.
Last week at auction, Afzal Kahn, head of the Kahn Design and Project Kahn aftermarket tuning house, placed the winning bid of £375k, which comes to more than £440k with tax (the equivalent of about $873,000). The price beat the previous record of £331k paid at a Bonhams auction in 2006 for the "M1" plate, but may yet be beat when the UK's oldest registration plate "A1" goes under the hammer in the near future. Kahn will reportedly (and fittingly) put the F1 plate on his custom Mercedes SLR McLaren. How does he feel about blowing that much cash on a license plate? "It's every man's dream to have his perfect car with a number plate like this." Uh, we'll keep dreaming, thanks.
[Source: The Daily Mail via Motor Authority]
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Reader Comments (Page 1 of 2)
Andrew 10:06AM (1/28/2008)
That's just a waste of money...novelty? More like kitsch.
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John Johnson 10:08AM (1/28/2008)
I was surprised at first when I found out how much custom plates sell for in the UK and how the whole system works. Here in the US, depending on what state you're in, it's as simple as picking what you want, paying $30/year (in NC), and that's that :).
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atrofimo 10:15AM (1/28/2008)
the money probably went the government, which is good for something right?
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John Johnson 10:19AM (1/28/2008)
The government only auctions off the plates once, after that they see nothing, if I understand correctly.
Do correct me if I'm wrong. But don't vote me down, that makes me feel bad :P.
Mark 11:10AM (1/28/2008)
no, you're right. this one probably wasn't even auctioned off to begin with though, it was likely just issued and has been in private hands ever since. the only money the government will see is the cost of transferring the plate to another car, which is £80
Pat 10:28AM (1/28/2008)
We can't get custom plates in Québec ... thank God.
Unfortunately, we don't have front plates so people put all sorts of crap up there to make up.
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PiCASSO 11:26AM (1/28/2008)
Uhh... I wished Ontario (where I used to live) and Illinois (where I'm situated today) didn't have front plates. I think they are a waste of valuable front real estate of the car. Some cars look so bad with the plate, like the current RX8, which looks a beaver/bunny.
People who put stuff up there are a super minority, so I wouldn't care about that if I lived in Quebec or Michigan.
sk 10:33AM (1/28/2008)
Why not just put a F1 plate on your car and pay the fines afterwards. For 870k he could have paid several hundred fines and whats the chance on getting caught with the fake plate anyway.
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Chris 10:37AM (1/28/2008)
How can you call it a waste of money? The value of a number plate should always been seen as an investment.
It will NEVER loose money.
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Andrew 11:01AM (1/28/2008)
Says the guy who writes "loose". Value is not a concrete thing. The price could cut in half tomorrow. It could be worthless tomorrow.
SOhp101 11:24AM (1/28/2008)
It's definitely not an investment if you're the one paying a record price for the plate.
He must make loads of money to spend £440k on a vanity plate. Lucky him.
Derek 11:54AM (1/28/2008)
An investment can always lose money. If F1 tanks and loses popularity in the coming years, this plate could easily lose value.
Or, the next time the plate is auctioned there might not be two people willing to pay such a ridiculous price for it.
Truckosaurus 10:57AM (1/28/2008)
> it will NEVER lose money
That's not quite true, the plate is only worth what someone else will pay for it.
The other issue with stumping up this sort of money for the number plate, is that you don't actually own the rights to the plate. If you crash the car and it is an insurance write-off the DVLA (like the DMV in the states) don't have to give you back the number plate.
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Fosterdad 11:04AM (1/28/2008)
It's a frickin' license plate. Of all the ways to "invest" $870,000, a license plate is probably the worst one. Nothing gets produced. No one, save the seller, makes any money. If you want to invest $870K, put it down in some mutual fund where it can actually do some good and get circulated in the economy.
I'm no socialist by any stretch of the imagination, but I think investments should do at least a little good for more than the investor and the seller.
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YourNameHere 11:02AM (1/28/2008)
his plate cost more than his car!
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Corey W. 11:08AM (1/28/2008)
".....investment"?!?!?!?
You telling me people are so limited in common sense that they can't think of a better use/investment of 873K but just to have a license plate. This world is going to h*ll, wearing gasoline shorts!! It's almost sickening.... sorry, just had to rant on this one.
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nardi 11:25AM (1/28/2008)
Not so much investment as a tax write off!
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BMWdownshift 11:27AM (1/28/2008)
I would pay 1million for a MrBean plate.
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Pat 11:53AM (1/28/2008)
Tell you what, as soon as the snow melts, I've got a Québec plate RQ33556 from the back of my trailer up for grabs.
I'm sure the sequence means something to someone.
Let's start at the bargain basement price of 1,000C$...
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Derek 12:08PM (1/28/2008)
Pat, what have you got against custom plates?
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