Singapore: Luxury car sales drop 90%

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Aston martinSales of high-end luxury cars in Singapore have dropped by up to 90 per cent depending on the brand, after measures to cool the car market were introduced in the 2013 budget of the city state, the Financial Times reported.

Ferrari, Rolls-Royce, Aston Martin and Lamborghini were among the most affected. Sales in the second half of the year plunged by 92 per cent for Ferrari, 91 per cent for Rolls-Royce, 88 per cent for Aston Martin and 85 per cent for Lamborghini. McLaren, which just opened a showroom in Singapore in 2013, saw sales dwindle by 53 per cent.

The Singapore government has been increasingly concerned about a gap between rich and poor Singaporeans and introduced two measures in last year’s budget aimed at making the luxury cars less affordable. One measure raised the upfront tax on vehicles, while the other increased the proportion of cash downpayment that drivers require to buy cars using loans.

Before the measures took effect, the number of sports cars in Singapore had been growing in tandem with growth in the number of millionaires. The number of rich people in Singapore with more than $1 million in “investable assets” is expected to reach 133,000 by 2015, about double the level in 2010.

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Reading Time: 1 minute

Sales of high-end luxury cars in Singapore have dropped by up to 90 per cent depending on the brand, after measures to cool the car market were introduced in the 2013 budget of the city state, the Financial Times reported.

Reading Time: 1 minute

Aston martinSales of high-end luxury cars in Singapore have dropped by up to 90 per cent depending on the brand, after measures to cool the car market were introduced in the 2013 budget of the city state, the Financial Times reported.

Ferrari, Rolls-Royce, Aston Martin and Lamborghini were among the most affected. Sales in the second half of the year plunged by 92 per cent for Ferrari, 91 per cent for Rolls-Royce, 88 per cent for Aston Martin and 85 per cent for Lamborghini. McLaren, which just opened a showroom in Singapore in 2013, saw sales dwindle by 53 per cent.

The Singapore government has been increasingly concerned about a gap between rich and poor Singaporeans and introduced two measures in last year’s budget aimed at making the luxury cars less affordable. One measure raised the upfront tax on vehicles, while the other increased the proportion of cash downpayment that drivers require to buy cars using loans.

Before the measures took effect, the number of sports cars in Singapore had been growing in tandem with growth in the number of millionaires. The number of rich people in Singapore with more than $1 million in “investable assets” is expected to reach 133,000 by 2015, about double the level in 2010.

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