The South Korean government's new policy to reduce tax abuses on corporate-owned luxury vehicles has led to a significant drop in corporate vehicle sales, particularly for high-end imported models. The introduction of lime green license plates for expensive corporate-owned cars, which took effect in January 2024, has been a major contributing factor to this decline. The policy aims to distinguish corporate vehicles from privately owned ones and discourage companies from exploiting tax deductions meant for business-use vehicles, which has been a loophole for companies to write off the full cost of luxury cars as business expenses. As a result of this new system, popular luxury models such as the Mercedes-Benz S-Class and ultra-luxury brands like Porsche, Bentley, Maserati, Rolls-Royce, and McLaren have experienced steep declines in sales. The downturn in luxury vehicle sales has also been influenced by a rush to buy luxury corporate vehicles before the lime green plate system was implemented in January 2024, with many businesses seeking to avoid the new plate system by purchasing vehicles beforehand. Overall, the new government policy has had a significant impact on the corporate-owned luxury vehicle market in South Korea, leading to decreased sales and a shift in purchasing behavior among businesses in the country.