Million-dollar car sales fall in 2023 for second year in a row in Singapore

Two rounds of tax rate hikes in 2022 and 2023 have had an impact on sales of ultra high-end cars. - PHOTO: ST FILE

SINGAPORE (The Straits Times/ANN): Nearly 300 cars with price tags of at least US$1 million were registered in Singapore in 2023, marking a drop in registrations for two consecutive years after five years of growth.

The 296 units from six brands registered in 2023 were 15.4 per cent lower than the 350 units logged in 2022, and 17.8 per cent lower than the record 360 units registered in 2021.