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The sale of luxury cars in Singapore failed when the buyers avoided spectacular manifestations of wealth after the government raised taxes on vehicles and intensified controls of properly diligence in response to a scandal of 2 $.
The number of new models Bentley, Ferrari, Jaguar and Rolls-Royce sold in the city state last year fell by up to three quarters compared to 2023, as the rich buyers avoided luxury brands after damage to the police captured the score of splendid vehicles.
“Most luxury cars purchased in recent years have been Chinese customers,” said Anson Lee, CEO for EURO Performance Asia luxury cars. “After the scandal you now see the market stagnating.”
“I still have Chinese customers but want to keep their profile, so the whole market has slowed down,” Lee said, adding that his customers are increasingly preferred electric vehicles.
EV sales were missing, especially for the Chinese manufacturer of Bydr, the second best -selling brand of cars in Singapore Last year after entering the market in 2020.
Residence Sales in 2024 reached 6 191, which is a four -time increase in the previous year, while Tesla sales, according to data from the Office for Ground Transport, more than doubled to 2,384.
At the same time, new Rolls-Royce sales from 95 to 23 last year dropped, while the Ferrari number dropped from 97 to 29. The number of new Jaguars almost decreased to 27, while Bentley sales fell from 58 of 58.
Bentley attributed a decline in receiving existing models, with new versions of the continental GT and Flying Spur only at the beginning of this year. It expects sales to improve with the availability of new cars.
Jaguar, Ferrari and Rolls-Royce refused to express themselves.
Singapore has seen the influx of wealth in recent years, especially from Chinese nationals, as they compete for leading property and wealth management in Asian Asian Asian ambition, but ambitions also come with a risk.
The city's state was two years ago Houpan and The case Involvement of individuals associated with a gang from the Chinese province of Fujian. During the raids of real estate throughout the island, the police confiscated 77 vehicles.
Four cars with a combined value with $ 4.7 million ($ 3.5 million), including the red Rolls-Royce Dawn, Black Rolls-Royce Cullinan, Red Porsche 911 Targa and White Toyota Alphard, were confiscated on one property.
“You see much less red Rolls-Royces after Singapore,” said a person involved in a case where 10 individuals were convicted.
The merchants said that one of the reasons for the decline in new luxury vehicles was that the seized cars were sold back to the market. The Singapore Minister of Justice to Shanmugam said last month that the government had sold 33 seized cars so far.
In response to the Singapore Government scandal, the Singapore Government ordered sellers of luxury cars, property agents and dealers of gems Check the funding sources For their most expensive products and reports of buyers who suspected a crime.
“We have [always had] Making our DUE diligence to customers, but that happened more sensitive because of the case of money laundering, ”Lee said.
The sale of luxury cars was also hit by a higher tax introduced in 2023 to cool down what the government perceived as overheated market It is based on the Covid-19 pandemic.
Taxes from the most expensive cars – prices over $ 80,000 – increased to 320 % of 220 %. The government has also introduced changes that limit the value of further car sales.
Another point of view for buyers is the cost of a certificate of claim that the residents must obtain before they can buy them a car. Prices are based on the offer system for checking the number of vehicles on the road.
On the most powerful models, certificates currently stand just below $ 117,000, an increase from $ 96,000 a year ago, but in November 2023 significantly below the PRO -£ 150,000, reflecting a decline in demand for top vehicles.
