24 Apr '12, 8pm
Wealthy Iranians spur luxury car boom
Wealthy Iranians are fuelling an unprecedented luxury car boom despite sanctions hurting their economy, paying up to $360,000 for high-end autos. “Buyers are paying upfront for these cars, which generally cost two to three times more than abroad,” one car salesman in Tehran told AFP on condition of anonymity. A newspaper citing official customs data, Hafte-Sobh, reported that “some 563 different Porsche models were sold in the last Iranian year (to March 2012),” worth a total $50 million before a hefty 100-percent import tax. Porsche’s goal is to sell 800 of its cars in the Islamic republic this current Iranian year, media said, underlining the inroads the flashy German automaker is making into a niche market previously dominated by the more discreet offerings from rivals BMW and Mercedes-Benz. Maserati , the growling musclebrand owned by Italy’s Fiat, is also looking to g...