Learn to drive a hard bargain
If you've decided to buy a second-hand car, you're likely to have already considered your budget. It's possible to pick up a used car for as little as HK$10,000 from a private seller, but it's questionable how reliable it'll be.
Former Hong Kong Automobile Association chief Andrew Windebank says HK$50,000 would be considered expensive for a second-hand vehicle.
Dominic Lung, the general manager of used-car trader The Automall, says: 'For a Japanese car, in good condition, you're looking at between HK$50,000 and HK$100,000. For a top-end European car, HK$150,000 to HK$200,000.'
He adds, however, that some marques keep their value better than others. 'For example, even if you're looking for, say, a Porsche 993, it'll be over 10 years old. But the market price is still very good for that model, so the price depends on the brand and the model.'
There are additional costs associated with buying a used car, including a mechanic's check - if you opt for one. The HKAA charges non-members HK$1,450 for a pre-purchase inspection. Once you've settled on a vehicle, you need to transfer the ownership document into your name at the Transport Department, which costs another HK$1,000.
The annual licensing fee ranges from HK$3,929 to HK$12,789, depending on the car's engine size.