Chinese License Plates Sell for Crazy Prices

Chinese License Plates Sell for Crazy Prices

Before you start grumbling about fees at your local DMV, have a look at how much some people in China need to pay just to get a new license plate, it’s more than a lot of people spend on their car.

China’s rapid expansion is leading to more than a boom in the country’s automotive purchases. As you might expect, people buying cars also means an increase in road congestion — a significant one in China’s case. To counteract that, the government curtailed the number of license plates that can be issued on a monthly basis. In March, there were 8,000 license plates available and 24,897 potential buyers who compete at auction for ownership.

It doesn’t take long for prices to skyrocket in that sort of environment and that’s exactly what happened. The average bid for a new license plate in Shanghai reached $9,380 this month.

Given that cost, it’s almost hard not to sympathise with consumers who might turn to knock-off brands like JAC that make faux Fords.

[Source: Xinhua News via Motoramic]