Fewer are buying luxury cars in Wenzhou

Fewer consumers in Wenzhou, Zhejiang province, are willing to spend money on buying luxury cars, according to statistics on vehicle purchases in the last six months.

The Taxation Bureau in the city said revenue from vehicle purchase taxes was 545 million yuan ($85.5 million), more than 21 percent lower than the same period last year.

The revenue from vehicle purchase taxes from the sales of 4,716 imported cars from local buyers exceeded 230 million yuan, about 43 percent of the total revenue, which was below the average 50 percent in 2011.

"I didn't buy an imported car because spare parts for most luxury cars were manufactured in China while the price is much higher than domestic cars," said Wang Yizhi, a local resident who bought a domestic car last month.

For the past half year, the average vehicle purchase tax per car was more than 17,300 yuan, more than 12 percent lower than the same period last year, while the average tax paid for each car in June slumped to its lowest since 2011.

Wang added that buying expensive luxury cars is no longer the trend among local residents because it is too expensive to afford the maintenance cost of the imported cars over the long term.