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March 20, 2011

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Home » Metro » Public Services

Car plate prices reach 3-year high

LICENSE plate prices in Shanghai reached a three-year high at this month's auction yesterday despite the city government increasing the supply.

Auto dealers said the city government's measures to restrict access to certain roads during rush hours by cars with out-of-town plates played a vital role for the rising prices.

The average price for a car plate rose for a third month to 46,657 yuan (US$7,101) this month, up 2,030 yuan from February, according to Shanghai International Commodity Auction Co.

The lowest price climbed to 46,200 yuan, an increase of 2,000 yuan from a month earlier.

Both prices were the highest since January 2008, when the new bidding system was introduced.

The Shanghai government offered 8,000 car plates this month, 500 more than February. The number of bidders was 25,014, almost unchanged from last month.

"Many car owners expected the price would be cheaper this month due to the quota increase," said dealer Li Jun.

"The final results demonstrated higher demand for local plates as car owners fear the restrictions on vehicles with out-of-town plates will be a long-term strategy."

In February, the city said cars with out-of-town plates would no longer be able to use highways during peak hours to ease traffic congestion.

Car owners who break the rule would be fined 200 yuan, the government said.

Before the weekend, second-hand car plates prices surpassed 47,000 yuan, up about 6 percent from February's 44,200 yuan average.

Other dealers said higher prices for local car plates also pushed up demand for plates from other cities and regions in the country.


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