Luxury car sales in Singapore have plummeted as buyers shun ostentatious displays of wealth after the government raised taxes on the vehicles and stepped up due diligence checks in response to a $2bn money-laundering scandal.
The number of new Bentley, Ferrari, Jaguar and Rolls-Royce models sold in the city-state dropped by as much as three-quarters last year compared with 2023, as wealthy buyers shunned luxury brands following a damaging money-laundering case in which police seized scores of flashy vehicles.
“Most of the luxury cars bought in recent years were by Chinese customers,” said Anson Lee, managing director of luxury car dealership Euro Performance Asia. “Following the scandal, you are now seeing the market stagnate.
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