Why are used cars in HK so expensive

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  1. #11

    Join Date
    Jul 2006
    Location
    Mong Kok
    Posts
    97

    I'd say one of the main causes for car prices being so high in Hong Kong is the first registration tax. When any private car is first imported and registered, you need to pay tax according to the value of your vehicle. For any vehicle valued above HK$500k at the time of importing, the tax will be 100% of the value of you car so you're effectively paying twice! This additional cost will obviously be transferred down into the used car market.

    See here for further information.


  2. #12

    Join Date
    Feb 2006
    Posts
    1,650

    I have had lots of experience with cheap used cars. I see a lot of used cars by dealers and online that are expensive, but I found one car on these forums over a year ago that I paid $7,250.00 for it was a 1996 Saab 900S and I am also buying another car that is once again older (1996) but a lesser known brand for $2000. It runs great, just needs the A/C to be fixed. (Mechanic says $2000, plus I would assume a tune up/oil would be good so maybe $3000 total)


  3. #13

    Join Date
    Aug 2008
    Posts
    51

    I just got home from HK and saw many BMW's, Volvo's, Mercedes and few Porsches and a single Ferrari which the driver looks like Maggie Q.

    Anyways with the prices I've been readin gin this thread I wonder why there's so much BMW's and Mercedes around. Also I noticed most cars and even vans comes with skirts and low profile tires.

    Also, JC are you the one from TG?


  4. #14

    I agreed with Skyhook, good economy 2007-8 brings up the higher price of used cars. I'm a daily driver but I am an idiot on the car knowledge..what I know, the meter may not show the real data plus the same model with the same year, the used cars with different maintainance, then different prices...so you have to check in person or someone with the knowledge who can tell they are in good condition.
    Old car doesn't mean they are bad, some of them are really hardcore and collectable

    Jenn


  5. #15

    just moved to hk from tokyo recently, and bought a porsche 987 boxster s.. not too bad a px, got a 10% discount from dealer. i know a lot of people like to wait for good deals (and probably not picky about what they get) but though those are classic/collectables etc, the suspensions and comfort level in those kinds of cars must be pretty bad on the roads in HK... before i got this car, i rented a 10 year old merc slk and drove Okinawa (islands off Japan) and it was horrendous, everything felt like it was about to fall off, the seats felt like alligator belt, and the pickup was arthritic..

    If you really love driving, it must be torture to wait for a better px before getting out there driving... i cannot wait...

    Also i agree the registration tax is crazy, but though i moved from japan which has the cheapest used import sports car market in the world, singapore has even more expensive cars!! due to 100% tax for all cars (not just high end) plus something called COE (Certificate of entitlement) which is about GBP 10k for just a piece of paper...


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