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

Top-end car registrations in the first five months of 2024 stand at 51, 77.6% down from 228 in the year-ago period

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Derryn Wong

Derryn Wong

Published Thu, Jun 13, 2024 · 05:00 AM
    • Industry observers attribute the plunge in ultra-luxury car registrations to higher taxes on more expensive cars and reduced rebates that mean higher cost of ownership.
    • Industry observers attribute the plunge in ultra-luxury car registrations to higher taxes on more expensive cars and reduced rebates that mean higher cost of ownership. PHOTO: DERRYN WONG, BT

    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.

    luxuryCarsAutomotiveCar salesTaxes

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