The falling US dollar is fuelling an export bonanza in the Hong Kong used-car market, enabling buyers in Britain, New Zealand and Australia to pick classic sports cars and high-end late models at discount prices.
Export agents say currency gains in the last six to 12 months have led to an increase in purchasing power for offshore buyers of up to 40 per cent.
'It started to get busy in February,' says David Neil, owner of Expat Motor Services in Sai Kung. Volume of business is up 50 per cent this year, he says. 'Getting hold of the cars is the problem, not selling them.'
Six weeks ago Mr Neil sold a 1987 Porsche 911 Carrera Coupe to a buyer in Australia who saw the vehicle advertised on the Internet. Shipping and import taxes should add about 30 per cent to the vehicle's HK$125,000 purchase price, bringing the total cost to roughly A$28,000 (HK$160,788). That compares favourably to the A$40,000 sticker price of an equivalent model Porsche in Sydney or Melbourne, Mr Neil says.
As an added bonus, Hong Kong vehicles normally have low mileage, few rust problems, and often come with good service histories.
Predicting the resale value of Hong Kong cars in foreign markets such as Australia is more of an art than a science, due in part to differences in condition of individual vehicles, brand, and model preference. This year, the best punts, according to one dealer, are Mercedes Benz sports cars or E-series sedans between the model years 1993 to 1996.
