The averaged price for a car plate in Shanghai on Saturday unexpectedly nosedived to a six-year low at the first auction for this year after the municipal government adopted new rules.

However, a breakdown in the bidding system, both internet and hotlines, added fuel to the flame of the price sink and drew complaints from many eligible bidders.

The averaged successful price was auctioned at 23,370 yuan (US$3,245), only half of a recording high of 56,042 yuan for last December, according to Shanghai International Commodity Auction Co, the organizer of the monthly event.

It was the lowest price since September 2002 when the price is recorded at 24,040 yuan.

The lowest winning price also plummeted to 8,100 yuan, compared with 50,000 yuan from a month earlier.

It was also the third lowest price since the monthly auction system started in 2000, trailing 100 yuan set in December in 2002 and 10,800 yuan for May 2004.

About 20,539 bidders compete for 16,000 licenses this month, as the city government moved ahead the February quota due to the traditional Lunar New Year, which falls on February 7.

The city government started new rule from this month, which allowing more bidding opportunities and open the lowest successful price to public during the auction process for bidders reference, aiming to help them to make their own decision rather than depend on advised price from dealers.

The price beat earlier market speculation at around 30,000 yuan for the averaged winning price.

``I never thought the price could drop at such a wide margin, said Yuki, who won the bid with 16,900 yuan. ``I earlier planned to offer 45,000 yuan.

Yuki is one of the lucky dog who was able to successfully change her price offer. But many bidders were bared from even make their first offer due to the breakdown of bidding system.