The Business Times
business-time-50

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

google-preferred-sourceAdd BT as a preferred source
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

    TRENDING NOW

    Eugene Lai (left) says that he was sharing a view with Tan Chian Khong that the board needed a refresh and that it was not an explicit direction to resign.

    CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh

    Some industry watchers wonder if Orchard Road can hold its own next to competing retail destinations, both global and local.

    What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future

    Siranudh Scott had caused an internet sensation with a video accusing his brother of allegedly abusing him during his childhood years.

    ‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse

    The exterior (left) and interior (right) views of Waterwall House, featuring glass interfaces, open voids, split levels and raw concrete walls.

    Rare brutalist Singapore house opens to the public before changing hands

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More