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Another high quota of car plates in October

A total of 9,000 car registration plates will be auctioned this month, the same level as last month. Industry analysts say the high quota and fewer bidders will keep the price level.

The Shanghai municipal government will put 9,000 license plates for sale on October 23, the same level as the past three months and only second to 9,200 plates sold in June, Oriental Morning Post reported yesterday.

The average price of a car license in Shanghai rose to 42,180 yuan (US$6,316) last month, up 2,011 yuan from August, the highest level since May.

Small-car sales have been showing good momentum recently for fear the government might stop incentive measures next year. But since most small cars cost less than 100,000 yuan, a car plate as high as 42,000 yuan keeps many car owners from bidding, which means the number of bidders won?t increase despite rebounding sales, analysts said.

Analysts expect the price of the lowest winning bid to remain stable this month due to the shrinking number of bidders.


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