License plate prices to rise in Shanghai

License plate prices to rise in Shanghai

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The demand to obtain a new car license plate in Shanghai is increasing everyday. Moreover, even the prices of the number plates will continue to rise. Now, getting a license plate in Shanghai can cost almost as much as buying an economy family car.

Sources from the industry have also predicted that the prices are expected to continue to rise in days to come. The monthly number plate auction on December 15, 2012, marked a record high average bid of 69,346 yuan, which is up by 3.58 percent from the month of November, 2012. The lowest transaction recorded was 68,900 yuan, which is also a record.

The cost of the plate is roughly the same as the cost of a Yaris, which is one of Toyota’s best selling family cars. In the month of January, 2012, the winning bids in an auction was about 53,195 yuan and it is a sum which has climbed throughout the year, with the exception of a slight drop in the month of June, 2012 and July, 2012.

The urban areas have witnessed a strong demand to own a car and the regulations of the government to ease the traffic congestion are the main reasons to push the prices of license plates in the upward direction. The residents in Shanghai on an average spend approximately 47 minutes commuting to work.