The reason why cars with beautiful 5-digit license plates have an overwhelming price compared to cars with beautiful 4-digit license plates before August 15

Identification will only be performed for 5-digit plates.

According to Circular 24/2023/TT-BCA of the Ministry of Public Security regulating the issuance and revocation of registration and license plates of motor vehicles, from August 15, identification plates will be issued and managed according to the personal identification code of the vehicle owner. Therefore, instead of managing the license plate that comes with the vehicle as before, the authorities will manage the license plate according to the vehicle owner.

In which, the identification number plate is the number plate with serial number, plate size, plate color, letters and numbers on the license plate still follow the current regulations. The management of license plates according to identification will only be implemented for 5-digit plates, including cars and motorbikes.

In addition, when transferring a vehicle, the owner must retain the license plate and vehicle registration, and cannot sell the vehicle with the license plate as is currently the case. The only case where a vehicle can be sold with the license plate is if the license plate is issued through the auction method.

Faced with this regulation, many car dealers with nice license plates in Hanoi were surprised when the value of cars with license plates increased significantly. Specifically, according to Mr. Vu Ngoc Tuan (owner of a car dealer with nice license plates in Chua Ha, Cau Giay, Hanoi), at this time, the price of cars with nice license plates has increased a lot beyond the imagination of the seller.

According to Mr. Tuan, a car with a 4-digit license plate is not as valuable as a car with a 5-digit license plate. Because a nice license plate, if properly identified, will make the car more valuable than a 4-digit license plate that is not identified according to the new regulations.

Currently, the market price of a car with a beautiful 4-digit license plate is only 1/3 or half the price of a 5-digit license plate and the number of customers looking to buy a car with a 4-digit license plate is also much less.

“Every customer looking to buy a car with a nice license plate has their own preferences. Some people look for a “four-of-a-kind” (4 identical numbers) or “five-of-a-kind” (5 identical numbers) license plate. However, there are also people who look for a license plate based on the criteria of matching the date of birth, year of birth, or the license plate matching the phone number. The value of the car with the license plate will also be different, but the price will mainly increase in cases of five-of-a-kind license plates,” said Mr. Tuan.

Why 4-digit license plate cars are less attractive than 5-digit license plate cars

Mr. Vinh - the owner of a shop selling cars with beautiful license plates on Lang Street (Dong Da, Hanoi) shared that according to the concept of car enthusiasts with beautiful license plates, a car with a 4-digit license plate of the "four-of-a-kind" series is still not as valuable as a 5-digit "five-of-a-kind" car.

Explaining the rapid increase in the price of beautiful 5-digit license plates, Mr. Vinh compared that the price of a Wave motorbike with the license plate 29-B1 888.88 used to be only about 100 million VND, but now, the number has reached an unimaginable level of about 400 million VND.

“The license plate of a Wave after August 15 will be identified by its owner, and the owner can completely complete the procedure to attach that license plate to the SH, thus increasing its value even more. Most customers today are looking to buy a license plate without paying too much attention to the quality of the vehicle because in fact they are willing to spend a large amount of money because later the license plate will be identified by the vehicle owner,” Vinh explained.

Some car dealers with beautiful license plates in Hanoi also confirmed that although the number of cars sold this time has increased, for those who own many cars with super beautiful 4-digit license plates such as 4-digit 6, 4-digit 8 and 4-digit 9, when the draft is officially applied, those cars cannot be transferred. Those in the car dealer and car dealer community with beautiful license plates who still have many unsold cars will fall into a "dilemma".

As for cars, the value of license plates has nearly doubled (about 50-70% of the value) compared to the same time a month ago. Sellers will try to find as many cars with beautiful license plates as possible to sell more, while players want to find more beautiful license plates to identify themselves.

Circular 24/2023/TT-BCA of the Ministry of Public Security regulating the issuance and revocation of registration and license plates of motor vehicles also clearly states that for vehicles registered with 5-digit license plates before the effective date of the Circular but have not completed the revocation procedures, that license plate number is determined to be the vehicle owner's identification license plate number.

For vehicles registered with 5-digit license plates, if the vehicle owner has completed the revocation procedure before the effective date of this Circular, the license plate number will be transferred to the license plate warehouse to issue a new license plate according to regulations.

Vehicles that have been registered with 3 or 4-digit license plates are allowed to continue to participate in traffic, except in cases where the vehicle owner needs to change to a new identification license plate or when the vehicle owner carries out procedures for issuing and changing vehicle registration certificates, issuing and changing license plates, reissuing vehicle registration certificates, reissuing license plates or registering and transferring ownership or moving vehicles according to the provisions of this Circular, then the 3 or 4-digit license plate will be revoked and changed to a new identification license plate according to the regulations.

Thus, vehicles registered with 3 or 4-digit license plates, including quadruple license plates, can continue to be used but will not be changed to identification license plates.