Penny pinching in supercar kingdom

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IOL mot pic jan4 Lamborghini Factory Reuters Lamborghinis on the production line at the Sant'agata Bolognese factory. Just 60 of these iconic supercars were sold on the domestic market in 2012.

Ever since Prince Scipione Borghese won the 1907 Peking-to-Paris race in a seven-litre Itala, Italy has been the spiritual home of the supercar - Porsche and Texas chicken farmers notwithstanding.

But now, it seems, Italians can't afford them.

Domestic sales of Italy's iconic brands collapsed in 2012, with Maserati being hardest hit - sales of the Trident Brand in Italy fell 72 percent to just 115 cars last year.

Sister company Ferrari fared little better; domestic sales fell 56 percent to 248 cars, while Audi-owned Lamborghini - a niche player in a niche market - battled to moved 60 cars in its home market, and that was 16.6 percent down from 2011.

PUNITIVE TAXES

Even Alfa Romeo, seen in Italy as a premium car if not a luxury one, shed a quarter of its home sales volume in just one year, with new registrations dropping to 42 000.

Industry insiders are blaming the sales nosedive on the eurozone crisis and on punitive taxes, which make it almost a crime to own and run a supercar in Italy.

Filippo Pavan Bernacchi, president of Federauto, the trade group for Italian car dealers, said bluntly: “The market is suffering from an overdose of taxes aimed at hitting, if not criminalising, the purchase, ownership and use of any kind of car, particularly sports and luxury cars.” - Daily Mail.


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