An exodus of supercars from Italy

Supercar manufacturers are feeling the economic slump and downsizing or stopping manufacture of supercars.  The $250,920 Ferrari 458 Italia made by Fiat is becoming hard to find super-luxury car.  Italy is faced with a €1.9 trillion debt and implementing €20 billion worth of austerity measures and the unemployment has risen to a 13-year high.  Overall, the super-luxury car manufacturing has contracted by 47 percent since the peak of 2008.

Meanwhile, second hand super-luxury car sales are surging and most of the cars are disappearing from Italian streets.  Italy’s export of high-end vehicles has tripled within the last first half of 2012.  One reason, Italy has increased the taxes on supercars and beefed-up the inspection of luxury cars for compliance.  A €200,000 Ferrari F131 could cost over €3 million of taxes since 2007.  The result is most of the luxury car owners are selling their supercars fast and cheaper, and luxury vehicles are heading out of Italy.  This includes not only Ferraris, but also Porsches, Maserati, Lamborghini and other luxury makes as well.  Police raids of super-luxury vehicles for compliance with new tax laws are becoming more frequent and a special police force has been created to address supercar compliance.