Luxury Car Market in Singapore
Luxury Car Market in Singapore
Page of Contents Introduction page 3 Environmental Scan page 4 Perceptual Map page 6 Brand Idea page 7 Trends and Ideas page 7 List of References page 8 Appendix page 9
Introduction
Definition
Luxury cars go beyond average, conventional cars in the sense that they provide way more than basic necessities. Luxury cars have more comfortable, spacious seats made from better materials like leather, have more tools and equipment than what is needed for the car to run, e.g., has power steering, GPS, etc., has a better performance in a sense that they go further and faster than normal cars. The cars are also constructed with more creative and elegant designs that carry their brand image and the level of prestige associated with such cars.
Luxury Car Brands in Singapore
The luxury car brands in Singapore are: Audi, Mercedes-Benz, Bayerische Motoren Werke (BMW), Lexus, Porché, Infiniti, Maserati, Alpha Romeo, Land Rover, Jaguar, Mini, Chrysler, Jeep, and Volvo.
Target Market
Luxury car brands are targeting the rich, upper class in Singapore. Seeing as how a luxury car costs on average $33,709 (Mercedes-Benz), $35,542 (Lexus), $51,008 (Land Rover), etc., all prices excluding Certificate of Entitlement (COE) (at $62,301 as of May 2013), road taxes ($2386/annum for a 3,000cc car), additional registration fee (ARF), and running costs like petrol, Electronic Road Pricing (ERP) and parking fees. This will amount to around $154,115.40 just to buy a Land Rover LR4 (the lowest-priced midsize luxury SUV from the brand), not factoring in running costs.
Environmental Scan
Social
1. New Certificate of Entitlement (COE) System
The government has set the growth rate of vehicles at 0.5%. No matter the ARF, or taxes implemented by the system, it does not affect the number of cars on the road. The only thing it affects is the total amount needed to own a car. This system has brought the COE price down, but increased the ARF
Page of Contents Introduction page 3 Environmental Scan page 4 Perceptual Map page 6 Brand Idea page 7 Trends and Ideas page 7 List of References page 8 Appendix page 9
Introduction
Definition
Luxury cars go beyond average, conventional cars in the sense that they provide way more than basic necessities. Luxury cars have more comfortable, spacious seats made from better materials like leather, have more tools and equipment than what is needed for the car to run, e.g., has power steering, GPS, etc., has a better performance in a sense that they go further and faster than normal cars. The cars are also constructed with more creative and elegant designs that carry their brand image and the level of prestige associated with such cars.
Luxury Car Brands in Singapore
The luxury car brands in Singapore are: Audi, Mercedes-Benz, Bayerische Motoren Werke (BMW), Lexus, Porché, Infiniti, Maserati, Alpha Romeo, Land Rover, Jaguar, Mini, Chrysler, Jeep, and Volvo.
Target Market
Luxury car brands are targeting the rich, upper class in Singapore. Seeing as how a luxury car costs on average $33,709 (Mercedes-Benz), $35,542 (Lexus), $51,008 (Land Rover), etc., all prices excluding Certificate of Entitlement (COE) (at $62,301 as of May 2013), road taxes ($2386/annum for a 3,000cc car), additional registration fee (ARF), and running costs like petrol, Electronic Road Pricing (ERP) and parking fees. This will amount to around $154,115.40 just to buy a Land Rover LR4 (the lowest-priced midsize luxury SUV from the brand), not factoring in running costs.
Environmental Scan
Social
1. New Certificate of Entitlement (COE) System
The government has set the growth rate of vehicles at 0.5%. No matter the ARF, or taxes implemented by the system, it does not affect the number of cars on the road. The only thing it affects is the total amount needed to own a car. This system has brought the COE price down, but increased the ARF
References: Cars Direct, 2012, Where Are Infiniti Cars Built [online] Available from: www.carsdirect.com/car-buying/where-are-infiniti-cars-built [Accessed 18 May 2013] Appendix 1