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June 20, 2010

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Cost of car plates drops

IN contrast to the scorching weather, market demand for private car licenses in Shanghai was cooler this month after the city government increased the quota.

The average price for a car license dropped 1,882 yuan (US$276) to 40,380 yuan (US$5,921), the organizer of the monthly auction said yesterday.

The lowest bid was 39,200 yuan, a drop of 2,700 yuan from May's record of 41,900 yuan.

Car plate prices had been picking up over the past eight months in Shanghai and were at their highest since January 2008, driven by brisk vehicle sales nationwide.

Dealers said the main reason for the June downturn was the increased quota.

The government put 9,200 car plates under the hammer this month, 700 more than in May. The quota was also the second highest over the past two years after the 9,300 in March 2008.

Industrial analysts said the higher quota helped ease bidders' anxiety and made their bidding more rational.

Also, vehicle sales have been slowing down after peaking last year, curbing demand for car plates.

The number of bidders remained almost unchanged this month at 16,252.


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