Singapore sales of ultra-luxury cars like Ferrari, Rolls-Royce dive on higher taxes, lower rebates

SALES of ultra-luxury cars in Singapore have plunged to a fraction of previous levels, more than a year after a major hike in taxes, Land Transport Authority data showed.

Across six ultra-luxury brands that sell in significant numbers here, there were 51 registrations in the first five months of 2024, down 77.6 per cent from 228 registrations in the year-ago period.

The brands – the cars of which typically cost S$1 million or more – are Aston Martin, Bentley, Ferrari, Lamborghini, McLaren and Rolls-Royce.