Car plate prices nosedive

CAR image prices in Shanghai suddenly fell neatly at this month's auction yesterday notwithstanding peppery automobile sales recently.The average cost for the in isolation automobile image plummeted to 15,970 yuan (US$2,383) in December, the dump of 29,321 yuan from November, Shanghai International Commodity Auction Co said.The average cost was the lowest given 2003. The lowest bid fell 34,500 yuan from the year ago to 10,400 yuan this month, the second lowest cost upon record. The lowest bid upon jot down was 8,100 yuan in Jan 2008. The government offering 9,000 automobile plates this month, 500 some-more than in November. Industry watchers were surprised by the decline as automobile image prices had been upon the rise for four consecutive months as well as hit this year's tall of 45,291 yuan at final month's auction. Car licenses upon the second-hand marketplace additionally increased to 47,500 yuan final month. Meanwhile, newcomer automobile sales increased twenty-seven percent year upon year to 1.28 million units in November. Market watchers are expecting the momentum to continue by the finish of this year as consumers rush to have purchases upon conjecture local governments will boost measures to control ownership of vehicles as the central government's stimulus policies are due to expire at the year-end. Netizens upon an automobile forum upon Shanghai's popular electronic circular house KDS estimated early this month that image prices could rise to 47,000 yuan upon conjecture the incomparable supply could not meet demand. "The image cost was distant below expectations," said Lin Hao, the Peugeot dealer. "Car owners may have been fearful due to the sales bang in the final dual months as well as decided to delay their behest to January." This month's auction captivated 11,224 bidders, the fewest this year as well as 2,205 reduction than in November. About 80 percent of bidders this month succeeded in gaining the license plate.The average cost for the automobile image was some-more than 40,000 yuan in! seven m onths so distant this year.

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