New and higher taxes on luxury goods, including supercars, caused the Italians to give up on supercars; with a drop of more than 50% in the first quarter.
Ferrari sales in Italy plummeted by 51% in the first quarter of 2012 while those of its stablemate at Fiat, Maserati slumped by 70% according to the latest details. This slump is part of a new trend in Italy following new taxes on luxury goods, including supercars. The tax on supercars is now calculated according to the engine output. Above a threshold of 250hp, the taxes are dramatically high and the tax bill could be as much as $15,000 per year.
In the last few months Italy's new government also initiated a crackdown on tax evaders, among them numerous people in possession of luxury cars. The police raided a few lucrative sky resorts and cities particularly in the affluent north of the country, registered number plates and transferred them to the tax authorities. Drivers in luxury cars were also stopped by the Italian financial police in special barriers and were questioned about their income. As a result the Italian luxury car segment went into a free fall when people tried to get rid of their cars, selling them at huge losses.
On the other hand sales on new luxury cars dropped dramatically. In addition to Ferrari and Maserati, Lamborghini sales also slumped by more than 60%. Photos displayed are of the 2012 Maserati GranTurismo Convertible and 2012 Ferrari 458 Italia.