Singapore, July 10: Luxury car sales have plunged in Singapore as people hard hit by Asia's economic crisis head for smaller, budget-sized vehicles, the Straits Times newspaper reported on Friday.It said sales of Mercedes-Benz, BMW and Jaguar cars tumbled in the first six months of the year while Rolls-Royce, which sold five cars in first six months of 1997, managed only one between January and June this year.
However, small Hyundai cars saw a 117 percent jump in sales to 601 cars in the first half of the year comparted to the same period last year, it said.
Honda cars, particulary the City and Accord models, saw a 40 per cent jump in sales to 2,031 for the first six months of they year, the newspaper said.
The Land Transport Authority (LTA) said on Thursday the price of Certificates of Entitlement (COE) -- which potential owners have to buy before purchasing a vehicle -- had also taken a tumble.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
