Shanghai car plate bid price drops sharply in Nov

Shanghai, November 17 (Gasgoo.com) Latest auction results of Shanghai private car license plates show that the average price of successful bids in November is 24,351 yuan ($3,565), down 8,873 yuan from last month, said xinhuanet.com today. This is the second low this year after the average bid price of 23,370 yuan in January.

This month's car plate auction on November 15 had 5,500 private car plates available for bidding and attracted 10,170 bidders. The lowest successful bid price of "the most expensive iron plate" was 21,800 yuan, down 10,800 yuan from October's lowest price.

Shanghai has held 10 auctions of car license plates this year, with the average prices of the first nine auctions following a trajectory of three ups and three downs above the 30,000 yuan level. But this month the average price has dropped drastically by 26.7% to 24,351 yuan.

Analysts said the unexpected drop in the price and bidder number was a result of unusually low car sales in this season. They said customers are more cautious with their money now during the global financial crisis, and hesitate in buying big-budget durables such as cars.