Buyers set record car plates' price
By Jin Jing |
August 30, 2009, Sunday
|
Print Edition
Print Edition
AUTO buyers had to pay higher prices for car plates in Shanghai this month because the continuously booming auto market has increased the number of bidders.
The average price for a car plate rose yesterday by 3,709 yuan (US$543) to 36,231 yuan for August from a month earlier, hitting a record for the year, the auction house Shanghai International Commodity Auction Co said.
The lowest bid was 36,000 yuan, an increase of 3,900 yuan from July. Prices at both ends of the bidding range have increased for five consecutive months since March.
The city government offered 8,000 plates for auction this month, the same amount as last month.
But the sale attracted 18,750 bidders, up by 1,530 people from a month earlier, showing the strong market demand.
Dealers said the price pickup was within their expectations as vehicle sales remained upbeat last month despite the fact that it is not the prime sales season.
"Some auto buyers were rushing to place their purchase orders before a favorable tax policy expires at the end of this year," said Wang Shilong, a Skoda dealer.
"And car makers kept launching new models to appeal to consumers, which works quite effectively to keep the sales momentum growing," he said.
Sales discounts, normally offered by car makers in August to boost sales, were also much less than previous years.
China's vehicle sales rose by 17 percent in the first half of this year after the government halved the purchase tax on smaller vehicles and granted subsidies to spur vehicle consumption.
Before the auction, prices for a car plate had reached 35,000 yuan on the second-hand car market.
The average price for a car plate rose yesterday by 3,709 yuan (US$543) to 36,231 yuan for August from a month earlier, hitting a record for the year, the auction house Shanghai International Commodity Auction Co said.
The lowest bid was 36,000 yuan, an increase of 3,900 yuan from July. Prices at both ends of the bidding range have increased for five consecutive months since March.
The city government offered 8,000 plates for auction this month, the same amount as last month.
But the sale attracted 18,750 bidders, up by 1,530 people from a month earlier, showing the strong market demand.
Dealers said the price pickup was within their expectations as vehicle sales remained upbeat last month despite the fact that it is not the prime sales season.
"Some auto buyers were rushing to place their purchase orders before a favorable tax policy expires at the end of this year," said Wang Shilong, a Skoda dealer.
"And car makers kept launching new models to appeal to consumers, which works quite effectively to keep the sales momentum growing," he said.
Sales discounts, normally offered by car makers in August to boost sales, were also much less than previous years.
China's vehicle sales rose by 17 percent in the first half of this year after the government halved the purchase tax on smaller vehicles and granted subsidies to spur vehicle consumption.
Before the auction, prices for a car plate had reached 35,000 yuan on the second-hand car market.
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