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Owning a first car in hong kong

  1. #81

    Join Date
    Sep 2017
    Posts
    181
    Quote Originally Posted by Titus

    Best give it a go and go broke when you're single than to be married with kids and have a mid life crisis and go broke with all the financial burdens. So in that sense, go for it ������
    That's why I'm doing everything my heart wants to do.
    Titus likes this.

  2. #82

    Join Date
    Aug 2014
    Posts
    22

    I'm in your situation except I drove for years in France before so I had a little bit more insights.

    Here's what I would advise you to do:

    • For a first car in HK, definitely buy a cheap one, cash. Your salary cannot affort a 400k car. I wouldn't either and I earn 3 times more than you.
    • Don't forget the yearly MOT, every year it will come back, every year a new chance at discovering issues
    • Insurance will be like mine: I'm considered a new driver in HK, on a sport car, that is 21 years old. I pay the maximum they could make me pay, 7k a year, and it doesn't cover the car itself, only the damage I cause to people and their properties.
    • Service and parts cost a lot for nice cars, so save for it. One day a 50k job will be required to make it drive again. Or one day you'll rip a taxi like I did, get a huge scratch on it and lose half the resale value unless you fix it - for half the resale value... good thing my car was under 100k with no debt
    • Finding a good parking is difficult. Mine is 2k/month in central - what a bargain right ? Except it has a huge mega slope, I cannot park it easily and I scratch the car sometimes trying to maneuver in it.


    Rule of thumb: only throw money at a car in HK that you can afford to lose or that you'd have thrown in a casino in Macao... It's not an investment (as in Europe you need one to get to your job), it won't raise in value and you must be ready to ditch it in the sea at the first sign of paying more than you can afford to literally throw by the window.

  3. #83

    Join Date
    Feb 2011
    Location
    Hong Kong
    Posts
    5,305

    Selling a car is also very difficult!


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