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The sale of luxury cars in Singapore fell as customers avoided unusual wealth views after the Government increased the tax on vehicles and amplifiers to check the duties of relication in response to the money monitoring scandal in the amount of $ 2 billion.
The number of new models Bentley, Ferrari, Jaguar and Rolls-Royce sold in the city country fell for as many as three quarters last year compared to 2023, as rich customers avoided luxury brands after a harmful amount of money monitoring in which the police kicked out shots of flash vehicles.
“Most luxury cars purchased in recent years have been Chinese customers,” said Anson Lee, General Director of Luxury Cars Euro Performance Asia. “After the scandal, you now see how the market is stagnant.
“I still have Chinese customers, but they want to keep a low profile, so the whole market slowed down,” Lee said, adding that his customers were increasingly loved electric vehicles.
The sale of EV is rocketry, especially for the Chinese byd manufacturer, who was the second best-selling car in the car Singapore Last year after only entering the market in 2020.
Byd The sale reached 6,191 in 2024, a four -time increase in the year before, while Tesla sales more than doubled at 2,384, according to the land regulation.
At the same time, the new Rolls-Royce sale fell from 95 to 23 last year, while the number of Ferrari fell from 97 to 29. The number of new Jaguars almost halved to 27, while Bentley sales fell to 25 with 58.
Bentley attributed the decline in the expulsion of existing models, with new versions of the continental GT and Flying Spur to enter the market early this year. It expects sales to improve with the availability of new cars.
Jaguar, Ferrari and Rolls-Royce refused to comment.
Singapore has experienced a contribution of wealth in recent years, especially from Chinese nationals, as it has been competing in the Asian premiere center of property and wealth management, but ambitions have also come with risk.
The city state swept two years ago a case of money laundering Inclusion of individuals associated with a band from the Fujian Chinese Province. During the attack on the property across the island, police seized 77 vehicles.
In one facility, four cars with a combined value of $ 4.7 million ($ 3.5 million) were seized, including Red Rolls-Royce Dawn, Black Rolls-Royce Cullinan, Red Porsche 911 Targa and White Toyota Alphard.
“You see a much less roller rols-royces who crushed Singapore these days,” said a person involved in a case in which 10 people were convicted.
Traders said that one of the reasons for the fall of new luxury vehicles is that seized cars are being sold to the market. The Singapore Minister of Justice, K Shanmugam, said last month that the Government has sold 33 seized cars so far.
In response to a scandal, the Singapore government ordered the luxury car dealers, property agents and jewelry salesmen Check the sources of funding For their most expensive products and report customers who they suspected have criminal relationships.
“We have [always had] In order to make due attention to customers, but it became more sensitive about the case of money laundering, “Lee said.
The sale of luxury cars is also affected by a larger tax introduced in 2023 to cool down what the Government perceives as overheated market comes out of the pandemic Coid-19.
Taxes on the most expensive cars – those prices above $ 80,000 – rose to 320 percent with 220 percent. The government also introduced changes to limit the value of car resale.
Another consideration of customers is the cost of a law certificate that residents must obtain before they are allowed to buy a car. Prices are based on the competition system to control the number of vehicles on the road.
For the most powerful models, certificates currently cost just under $ 117,000, compared to $ 96,000 a year ago, but significantly below the price of $ 150,000 in November 2023, which reflects the decline in demand for top vehicles.
