Singapore Luxury Car Sales Submitting after scandal with money laundering

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Sales of luxury cars in Singapore fell when buyers avoid wealth after the government has raised taxes on vehicles and intensified the inspection in response to the $ 2 billion money scandal.

The number of new models of Bentley, Ferrari, Jaguar and Rolls-Royce, which are sold in the city-state, decreased by as much as three quarters last year compared to 2023, when wealthy buyers avoided luxurious brands after damaging the money laundering in which the police assured the amount of bright vehicles.

“Most luxury cars purchased in recent years have been Chinese customers,” said Anson Lee, director of the EURO PERFORANCE ASIA. “After the scandal, you now see the market stagnant.

“I still have Chinese customers but they want to keep a low profile, so the whole market slowed down,” Lee said, adding his customers more prefer Electric vehicles.

EV sales were rocket, especially for Chinese BYD manufacturer, which was the second trading brand of cars in Singapore Last year, after entering the market only in 2020.

Bake Sales reached 6191 in 2024, increasing four times, while TESLA sales are more than twice as of 2384, according to the land transport department.

At the same time, new Rolls-Royce sales fell from 95 to 23 last year, and the Ferrari indicator decreased from 97 to 29. The number of new jaguars has almost halved to 27, and Bentley sales decreased to 25 out of 58.

Bentley has attributed a decrease on existing models with new versions of Continental GT and Flying Spur, which only goes into the market. He expects sales to improve with the presence of 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 is fighting as the main asset and management center for Asia, but the ambitions also came at risk.

The city-state was deployed two years ago To the right in the deduction of the money with the participation of people related to the gang from the Chinese province of Fujian. During the raids, 77 vehicles were seized all over the island.

One of the property was confiscated four vehicles with a combined cost of $ 4.7 million.

“You see much fewer red rollers that have been spinning around Singapore these days,” said a man who was convicted by 10 people.

The dealers said one of the reasons for the reduction of new luxury vehicles was that the seized cars were sold to the market. Justice Minister Singapore Khanmugam said last month that the government still sold 33 seized machines.

In response to scandal, the Singapore government has ordered a luxury car dealer, property agent and gems Check Financing Sources For their most expensive products and buyers they suspect of criminal relations.

“We (always) do the proper care of customers, but it became more sensitive because of the money laundering business,” Lee said.

Sales of luxury cars were also affected by a higher tax entered in 2023 to cool what the government perceived as overheated market Get out of the Covid-19 pandemic.

Taxes for the most expensive cars – price above $ 80,000 – increased to 320 percent of 220 percent. The government has also made changes to limit the cost of resale of cars.

Another question for buyers is the cost of rights certificates that residents should receive before they are allowed to buy a car. Prices are based on the trading system to control the number of vehicles on the road.

The most powerful certificates currently cost slightly less than $ 117,000, compared to $ 96,000 a year ago, but much below $ 150,000 in November 2023, which reflects the drop in high -end car.