Sales of luxury cars fall in Korea due to license plate issue

There is a fundamental aspect in purchasing a car, which is the image it brings to its driver. It is very important that there is a certain connection and that some values ​​are transmitted, that is why it is one of the most important decisions made. Also, logically, in the luxury sector appearance is sought and to show a perception or status to others. We talk about this because Luxury car sales have fallen in South Korea for a very striking reason that has nothing to do with the cars themselves.

It's related to the license plates they carry, since there have been changes in the regulations. From the beginning of 2024, lime green plates began to be installed for all vehicles worth more than 80 million won (54,440 euros at the current exchange rate) that were corporate property. In other words, those luxury cars that were purchased through a company must have a license plate. different from the conventional Korean on white background. That has caused sales to suffer.

It is a decision that has been made by the South Korean government with the aim of reducing business owners They bought supercars through their companies to avoid paying taxes. It must be taken into account that the use of these vehicles is usually particular and also that there was a significant tax reduction recently in the Asian country that the authorities do not want to be used improperly.

It is a measure that is also done in Spain for beneficial taxation, but that has never been considered changing. Now there it seems that this public has resented because people would see that the car is purchased or rented through his company and not personally, that is why sales decreased.

In fact, it is quite worrying, since there is talk of a 19.4% drop in imported vehicles which tend to be more expensive and from luxury brands, being the lowest figure since 2013. In addition, it breaks with the previous trend of around a third of these imported models exceeding 100 million won (68,050 euros). The biggest sufferers have been Bentley, with a drop of 77% in the first quarter, also Rolls-Royce with 35% less, Porsche falling 23% and Lamborghini with 22% less.

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