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Wouldn't that SXY personalised reg override any Q plate though?
Nope. As @BRM says, you can't put pesonalised plates on a Q registered vehicle. Once a Q plate, always a Q plate. No bad thing if you're not worried about kudos, or trying to convince people your car is a genuine Cobra/Ferrari/Whatever, as the emissions regs on Q plated vehicles are pleasingly relaxed at MOT time - 'no visible smoke' test only.
Bet that's not properly registered. Should have been through an IVA test if it's based on a 400i, but DVLA has it as a 'Ferrari Coupe'. Could be wrong, but I suspect that would end up on Q plates if DVLA ever got wind of it given it allegedly has a first date of registration from 1979.