Luxury German car maker BMW sold 443 cars in June, amounting to 20.2% of the Singaporean new car market. This is BMW’s best performance of the year, increasing its year-to-date sales to 1,952, or 16.7% market share. These figures aren’t quite enough to dislodge Mercedes, however, which has sold the most models over the year: 2,077, and 17.8% of all cars sold.
Toyota takes position 3 with 15.9% of the market, followed by Volkswagen in 4 (11.7 per cent), and Audi in 5, grabbing 7.8 per cent of the total. Nissan occupies 6 with 102 sales (4.6%). Mazda (2.9%), Volvo (2.2%), Land Rover (1.9%) and Jaguar (1.6%) take up the remaining top-10 spots.
Overall Sales Down 15% Year on Year
While BMW is the best selling car in Singapore, and Mercedes will be relatively happy about its own sales position, the overall picture of the Singapore car market looks a little less rosy. Sales in June fell 15% compared to the same month last year, with just 2,197 registrations. Overall new car sales to date stands at 11,689 units, a substantial drop of 20% on June 2012’s year-to-date figure. Last month saw only a drop of -5%, suggesting that the market’s decline might have been coming to an end.
Why Are Sales Dropping?
If you own a car then you’ll be only too aware of the cost of car ownership on our island state. The cost of a Certificate of Entitlement increased again recently, the reason many give as to why sales are dropping.
Singapore, by Comparison…
Singapore’s new car market is a unique beast, and comparing it to almost any other country, or to the global market in general, only highlights this fact. The top 3 carmakers in the world are GM, Toyota and Volkswagen. Of these, by comparison, Singapore only features Toyota in its top 3, but this is mainly because Toyota includes the luxury brand Lexus. And that leads us to the main point about our car market – only luxury cars are really in demand.
Globally, BMW loiters around position 13 in terms of cars built, while Mercedes’ owner Daimler AG is in position 14, but only a portion of Daimler’s cars are Mercedes.
Why Aren’t We All Driving Bangers?
With the Certificate of Entitlement costing so much, and the introduction of the 50% car loan cap, it’s a wonder that Singapore isn’t full of clapped out Protons from the 1990s. On the contrary, however. The high cost has made the car a huge status symbol, and people are keen to own the best car they can afford.
The fact remains however, that technically speaking, driving around in a clapped out Proton from the 1990s still gives your status a boost!
Insurance For Everyone
But whatever brand of car you drive, at DirectAsia.com we are pleased to offer you affordable car insurance products that let you to choose only the features you require, and provide exceptional customer service if you need to make a claim.
As a safe driver, you won’t be subsidising high risk motorists. And even if you are regarded as ‘high risk’, you can still take advantage of our special SOS Car Insurance.