Singapore’s luxury car sales plummet after money-laundering scandal

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The sale of luxury cars in Singapore passed when buyers avoid demonstrations, after the government raised taxes on vehicles and increased due to $ 2 Billion Money laundering.

The number of new Bentley, Ferrari, Jaguar and Rolls-Royce sold in the city has decreased to three-quarters compared to 2023 compared to the previous year, as wealthy buyers avoid luxury car injuries.

“Most of the luxury cars purchased in recent years,” said Anon-Lee, the executive director of the “Luxury Automobile” euro. “Following the scandal, you now see the market stagnation.

“I still don’t have Chinese customers, but they want to keep a low level, so the whole market slowed down,” said Lee, adding that his customers prefer more and more. Electric vehiclesA number

EV sales are great, particularly by the Chinese manufacturer, which was the second brand of second selling cars Singapore After entering the market in 2020 last year.

Bead In 2024, sales revenue in 6,191, compared to the previous year, while Tesla doubled with more than 2384, according to the land transport body.

At the same time, last year from 95 to 23, 95 to 23 dropped, while Ferrari fell from 97 to 29.

Bentley attributed the end of the current models, the new-flown of the continental GT and the flying stimulus by entering the market only at the beginning of this year. It expects sales to improve new cars.

Jaguar, Ferrari and Rolls-Royce refused to comment.

In recent years, Singapore has seen the influx of wealth, especially from Chinese citizens, as it competes to the leading Assets and Wealth Management Knots, but ambitions have also risky.

City-state shivered two years ago in a MONEY Washing Involving the involvement of individuals associated with the gang of China’s Foujean State. During the invasions on all property on the island, the police confiscated 77 cars.

One property was confiscated by four cars with $ 4.7 million ($ 3.5 million), including red rolled dawn, Blackapatical, Royce Cullinan, Red Porsche 911 TARGA and White Toyota Alpell.

“You see much less red rolls around Singapore these days,” said the case that 10 people were convicted.

The dealers noted that one of the reasons for the decline in newly luxury vehicles was that confiscated cars were sold to the market. Last month, the Minister of Justice of Singapore K. Khanmugam said that the government has so far sold 33 of the confiscated cars.

In response to scandal, Singapore government ordered luxury car dealers, property agents and greeted sellers Check funding sources They are suspected of criminal relations for their most expensive goods and reports.

“We have [always had] Our proper diligence against customers, but it has become more sensitive to money laundering, “said Lee.

Sale of luxurious car also hit 2023 with a higher tax to freeze what the government is perceived as overheating market getting out of 19 epidemics.

Taxes on the most expensive cars at prices above $ 80,000, increased by 320%. The government also included changes to limit the sale of cars.

For buyers, another attention is to the value of the right certificates, which residents must receive 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, currently certificates are only $ 97,000 than $ 96,000 a year ago, but in November 2023, it is significantly lower than $ 150,000 in demand for high-quality vehicles.