Wow it's actually quite cheap to own a car here then. In Canada, I would pay about $15,000 HKD per year for insurance (that's comprehensive, but includes a 45% discount). All other taxes are included in the price of gas, which before I moved here last year was just approaching $7 HKD per litre.
So it seems quite reasonable to own a car here, the only thing that is more expensive is the parking, and I guess the gas... But there is less distance to drive here, so you don't end up buying gas as much.
And damn, used cars are SO cheap here! Even looking at the Mercedes and other luxury cars listed in the Expat sites, it's cheap as hell to buy a used car! I think the price of a typical car here is about 50% that of Canada.. Buying, say, a 1999 Golf in Canada would cost around $70,000 HKD minimum + tax, but here I see one listed for half that.. It seems to be like this for all cars in the 8-10 year range.