Demand for Beijing License Plates Drive Skyrocketing Prices at Car AuctionPosted: 11/26/2014 11:30 am
Four thousand Beijingers clamoured online to buy 11 outrageously priced vehicles, all due to the fact that they had highly sought after Beijing license plates.
For the first time, the auction was conducted “Taobao-style” on the China Beijing Equity Exchange website. The cars were on sale for all of 12-hours, and immediately rose in value. The most expensive car was a Jaguar with an estimated value of RMB 310,000 that sold for a whopping RMB 465,000.
There is an intense demand for vehicle license plates in Beijing. While the purchase of a car is the most expensive part of driving in the nation’s capital, obtaining a license plate is often more difficult and time-consuming. Beijing drivers participate in a lottery that assigns license plates at random.
Demand for licenses increased after vehicle regulations were implemented in 2011, which restricted vehicle use depending on the license number. As a way to control traffic and limit carbon emissions, cars are prohibited from driving in Beijing if the last number in their license plate ends in a even or odd number.