It's clear - the rich in Singapore are buying cars like never before

I've made this joke many times - in the midst of the Covid-19 pandemic, people (especially the wealthier ones) are buying cars now because they have nowhere else to spend their money.

A Forbes report earlier this year found that total American billionaire wealth has gone up 35 per cent since January 2020, when the pandemic was just beginning to overtake our lives. So, clearly, there is some credence to this feeling that the pandemic is affecting different people differently.

And, I've also heard from some brands (especially luxury ones) that yes, customers are buying cars in larger numbers than before.

But, just how true is this sentiment? Are the rich really getting richer? I decided to find out…

Thriving luxury

LTA publishes statistics on new registration of cars by make. By comparing the figures already available for the first six months of 2021, and comparing against past years, some trends are immediately obvious.

The luxury brands are thriving.

Aston Martin, Bentley, Ferrari and Rolls-Royce all had their best years in 2020, with the most cars registered in 2020 compared to the yearly figures from the last six years. Additionally, brands like Porsche, Lamborghini and McLaren all had strong 2020 figures.

For these brands, 2021 will likely prove to be even better.

Brand	2015	2016	2017	2018	2019	2020	H1 2021
Aston Martin	5	14	29	26	21	28	17
Bentley	66	53	70	61	67	234	63
Ferrari	41	37	39	37	43	44	24
Lamborghini	20	15	18	38	61	42	23
McLaren	4	5	10	23	21	16	16
Porsche	589	563	677	575	628	582	434
Rolls-Royce	20	19	25	31	41	54	49

With the exception of Bentley, which has a preposterously good 2020, the rest of these brands are all on pace to far surpass their 2020 figures. McLaren has already registered as many cars this year as in 2020, while brands like Porsche and Rolls-Royce are already close to hitting their 2020 figures.

So, what does this tell us? Yes, the statistics do not lie - rich people are really buying cars like never before. With income still rolling in, but now unable to go on holidays or eat out at restaurants, the wealthy can now spend their disposable income on other luxuries such as high-end cars.

Slow recovery

What about the rest of us?

For the three German premium brands (Audi, BMW and Mercedes-Benz), 2020 definitely saw a slight dip from their usual sales figures. Unlike the luxury brands, it appears that buyers within this segment were still a little financially tighter in 2020.

However, it appears that recovery is on the way, with the first half of 2021 already proving to be successful, especially for BMW and Mercedes-Benz who have already managed to hit more than 60 per cent of their 2020 numbers.