SG: Loan curbs reduce exotic car registrations
High end cars have been hit by the new regulations too! The regulations have reduced total registration of such vehicles by up to 90% in the second half of 2013, with Ferrari suffering a the largest blow at a 92% drop in new vehicle registrations in the 2nd half. The decline in sales figures can be attributed to the new tiered ARF system, that adds a tax of up to $450,000 to the already ridiculous costs of the base car and COE. That, compounded with the loan curb, basically means that potential buyers may be driven away and forced to get something of lower end. Experts believe that the artificially driven inflated of owning a supercar may only temporarily stop people from buying them while they get use to the added cost. Once the cost increment becomes commonplace across the all classes of cars, consumers at the higher end of the market will end up purchasing such vehicles again. They also believe that introducing new models will pip the potential owners’ interest, and gives them an excuse to rashly buy that dashing new exotic they saw at the showroom.Pictures used for illustration purposes only.
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