Residents hoarding old car license plates
With fear that Shenzhen will limit the issuance of new car plates and implement harsher traffic controls. Residents started to hoard license plates as reports of controlling them and imposing new traffic rules circulated.
These new rules are to ease the traffic congestion since Shenzhen have already 1.7 million registered vehicles running in its streets, and around 300,000 vehicles from outside the city coming in.the control measure are already been done in Beijing and Shanghai. According to statistics report that the average speed of a car during off peak hours is 36 kilometers on major roads, and fall to around 10 kilometers during rush hours.
Even with the reports of the new rules coming out, sales of new cars are doing well. One sales manager of a car dealer said that they didn’t expect so many people buying cars and yet a lot of people on Shenzhen are in need of a car. Due to this circumstances the sharp increase in car sales will make Shenzhen implement traffic controls and limit the release of car plates. Residents hoarding license plates are hoping to sell their plates to new car owners on hopes that they could profit from them by selling the plates for a high price.
A Shenzhen resident has planning to sell his old car but decided to wait for the city to implement the new traffic measures in hope of selling his plates for 40,000 to 50,000 yuan. He said that people in Beijing are making money selling their old plates and he hopes to do the same. But reports showed that in Shanghai limiting car plates was not effective in controlling the number of cars in the roads and it would be risky for people to hoard their plates in Shenzhen without knowing the city’s plan for controlling traffic.