The world's most expensive license plate has appeared, valued at over $3 million.

Recently, a personalized license plate – the R plate – was auctioned in Hong Kong (China) for a staggering £2.6 million (equivalent to US$3.1 million, or 74 billion Vietnamese dong). This is the most expensive license plate ever sold.

Many license plates are being sold at exorbitant prices (Photo: The Sun)

According to the Bangkok Post, this license plate was one of 49 auctioned during the Lunar New Year holiday organized by the Hong Kong Transport Department. The starting price for this R license plate was £525 (approximately 15 million VND), but the price skyrocketed due to high demand. One wealthy buyer initially bid £210,000, but after 60 rounds of bidding, the final price was approximately 5,200 times the initial bid.

Furthermore, the price of this license plate with the letter R is more than double the initial estimated price of £1.05 million. The reason for this high price is that the letter R is associated with racing cars and is considered one of the lucky letters in Chinese culture.

Many people believe the letter R brings good luck (Photo: The Sun)

Also at this auction, more than 292 license plates were sold with starting prices of £8,900 (approximately 253 million VND). One bidder said he had to go through fierce competition in the auction room to be able to buy an ideal license plate.

He was also not surprised that the R license plate sold for an exorbitant price because "billionaires are always willing to pay a fortune for a lucky license plate." Furthermore, "I wouldn't be surprised if a license plate sold for HK$50 million in the future," he shared.