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Fewer car plates this month

SHANGHAI will issue 8,000 car plates for auction this month, 500 less than in September, Shanghai Morning Post reported today.

Market analysts predict the price might go up this time as the cheapest plate sold for 27,200 yuan last month with an average of 29,500 yuan - a drop of 8,800 yuan and 6,731 yuan from August respectively - which might attract more bidders this month, said Zhu Junyi, senior analyst of Shanghai Economic Information Center on car industry development.

The rise in city taxi trip charges might encourage white collars who normally spend 1,000 yuan on transport to buy cars, said Chen Gang, deputy director of the marketing department of Shanghai Volkswagen Sales and Service Center.

In addition, only 26.3 percent of consumers think now is a bad time to buy a car, according to the third-quarter economic index released by Shanghai Finance University.

However, a lot of bidders have set their upper limit to buy plates at 30,000 yuan and would give up bidding if plates go over that price.

The sale will be held on October 24.


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