Are Wenzhou consumers cooling to luxury car purchases?
It appears so based on statistics from the city’s Taxation Bureau. Vehicle purchase taxes are down more than 21 percent to 545 million yuan ($85.5 million) for the first six months of the year compared to a year ago. About 4,716 imported cars were sold during this period.
Some local residents indicated that the after-sale costs of imported cars are just “too expensive over the long term.” The trend, now, is buyers are forgoing expensive luxury cars.
“I didn’t buy an imported car because spare parts for most luxury cars were manufactured in China while the price is much higher than domestic cars,” local resident Wang Yizhi told China Daily. Wang bought a domestic car last month.
image credit: mercedes-benz china