Luxury Cars Flowing Out of Italy Due to Austerity

Austerity measures in Italy are causing sales of luxury goods to fall precipitously even for domestic brands like FerrariFerrariItaly, 1947 > present233 models
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and MaseratiMaseratiItaly, 1914 > present62 models
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. Exports of second-hand luxury cars are flowing out of Italy.

Prime Minister Mario Monti has begun a crackdown on tax evasion and began €20 billion in austerity measures. Tax officials have been visiting wealthy areas of Italy checking the owners of Ferraris and other luxury cars to make sure that they have paid their taxes. 

During a recent raid, officials found a man driving a Ferrari 360Ferrari 360Italy, 1999 > 20058 versions
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who had evaded €3 million in taxes since 2007. Another man driving a Ferrari F40Ferrari F40Italy, 1987 > 199218 photos
was found to have evaded €8 million in taxes since 2006. While the members of the Passione Rossa Ferrari club were waiting to take a ferry from Palermo to Sicily, tax officials came suddenly and checked the papers of 40 members. 

Part of the austerity measures also includes a larger tax on luxury cars. For instance, a Lamborghini AventadorLamborghini Aventador LP ...Italy, 2011 > present55 photos
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owner now pays €8,400 a year in taxes on the car, which is a €6,600 increase than before austerity. 

Supercar owners in Italy are finding buyers in other parts of Europe for their cars. There were 13,633 high-end car exports out of Italy in the first five months of 2012 compared to 4,923 in 2011. Exports of used Porsche CayennesPorsche Cayenne Gen.2Germany, 2010 > 201727 versions
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out of Italy have tripled to 1,134 cars in the first five months of 2012.  Exports for Ferraris and Maseratis in the first five months of this year have been 424 cars, compared to 142 in the same period last year.  Dealers in the rest of Europe are enquiring in Italy for the best deals on second-hand luxury cars. 

There is really no sign that this purge and austerity is going to end any time soon in Italy. However, Ferrari and Maserati do not count on Italy for sales even in good times. These cars remain popular in the growing Chinese market. 

Source: Automotive News Europe