China - The top price of auctioned car plates has reached 40,000 yuan (US$4,981) this month, as sales of luxury cars have continued to surge.

The average winning price to get a car plate for individuals and private companies amounted to 38,932 yuan for March, up 4,045 yuan over February prices.

The lowest successful price also climbed up 12 percent to 38,500 yuan during the weekend auction, when 10,656 auto buyers competed to get the 3,800 car plates offered by the Shanghai Municipal Government.

It is the second highest record in both average and lowest bidding price in the monthly auction of the last two years.

Dealers attributed the rising bidding prices to booming auto markets, which started at the second half of last year, as well as increased sales of luxury cars ahead of a renewed tax regulation.

“Many luxury car auto buyers placed their purchase order ahead of April 1, when the government will raise the excise tax on large engine cars,” said Yao Bin, director of Yongda Automobile Sales Co, a dealer of Ford Motor Corp.

The central government announced plans to levy sales taxes of up to 20 percent on cars with big engines starting from April 1, which will likely pose up to a 15 percent price surge on luxury models such as Mercedes-Benz, BMW, Cadillac and Rolls-Royce.

Posted: 03|27|06 at 7:34 am. Filed under: Auction News.