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China Monthly Car Price Monitoring Report, 2006

Published: May/2006

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In April 2006, car models like Xiali, Geely, Lubao, KIA Qianlima, Sedan, Palio, Santana, Excelle, Cerato, Santana 3000, EPIC, Sonata, Accord, Mondeo, Mazda, Regal and Bluebird, saw their prices greatly decline compared with that of March, while the prices of large-emission car models like Reiz, Crown, Audi, BMW and Benz increased sharply due to the adjustment of consumption tax.

In April 2006, the price index of passenger cars in China decreased by 0.50% compared with that of March. Because April is close to the "golden week" beginning on May 1st, in order to expand the sales, all automobile vendors enhanced their promotion effort. In addition, with the implementation of the new consumption tax, the price of low-emission cars decreased, resulting in a overall decrease of car prices.

Affected by the implementation of new consumption tax, in April 2006, the price of imported cars increased by a large margin, up 1.44% on average compared with that of March, where the increase ratea were 1.23%, 1.84%, 1.77% and 1.23% in Beijing, Shanghai, Tianjin and Guangdong respectively.

Consumers are increasingly rational when buying cars. Although consumers generally believe that car price would somewhat decrease during "Golden Week", however, it had little influence on consumers'  plans to buy cars.

With the implementation of new consumption tax, the price of high-emission cars have increased noticeably. However, high-emission cars are considered as symbols of identification and status for some Chinese consumers, and price is not an important factor for their purchase decision.

On the whole, consumers disagree with the price rise of taxis. The taxi price increase will make consumers take illegal taxies, or other means of transport such as subway or public buses.



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