Car Number Plate Prices Reach Record High

CAR plate prices in Shanghai rose to the highest in 45 months to 52,622 yuan (US$8,222) on average in September, prompting some complaints.

With automobile demand still solid, many car buyers said the license plates are turning into a hedging product, especially if the market remains robust.

This month’s average plate price was 394 yuan more than in August, according to auction organizer Shanghai Commodity International Co.

The average price was the third highest ever. The all-time high of 56,042 yuan was set in December 2007, while the price hit 54,317 yuan in November of the same year.

Some potential license plate buyers expressed their concerns about the price, which has risen about 35 percent since the beginning of this year.

“I think the price is unreasonably high,” a netizen wrote on his microblog at weibo.com. “A license plate is even more expensive than the small compact car Chery QQ, which sells for 51,000 yuan.”

The lowest plate price for this month jumped 1,200 yuan to 52,200 yuan.

The city government offered a record 9,500 plates this month, 500 more than in August in an attempt to ease demand.

But this month’s auction attracted 22,268 bidders, 9 percent more than last month.