But this week one Islander spent the money on a run-down 1990s Vauxhall Corsa after successfully bidding for its registration number – J53.
Simon Drieu, principal of Simon Drieu and Co auctioneers, said it was one of the most expensive he had auctioned. The sale follows that of a rusty 50cc Kymco scooter, registration J68, which sold for £91,000 and J19 for £86,000 – also attached to a dilapidated Taiwanese scooter.
Under the law, a vehicle registration must be assigned to a vehicle and cannot be sold on its own.
The buyer of the Vauxhall has not been named.
