Sales of supercars have slowed to a crawl since the tax hikes and loan curbs of last year took effect, with registrations in the first half of this year up to 90 percent lower, reported The Business Times.

Only 14 units of Ferrari sports cars were registered between January and June, for example, compared with 64 units in the corresponding period last year, said the Land Transport Authority (LTA). At McLaren, four units were registered in the first six months, against 17 a year ago.

"Unless it's a new model, something that is considered 'worth buying' for its novelty, you won't get many customers these days," said the director of a sports car dealership. He said that it's because buyers find it hard to stomach the increases in ARF, which went from a flat rate to being a progressive tax.

The 50 percent cash downpayment is another roadblock. "It's a double whammy. But it's not a question of affordability, because these high net worth individuals are still spending on luxury watches and overseas properties. They just don't feel good about the credit terms, or prefer to use the cash for other things," added the director.