It's a great feeling driving out of a showroom in a new car, tempered only by the fact that your new toy has, in a flash, depreciated in value by as much as 20 per cent and you've been hammered by a wallet-sucking first registration tax of up to 115 per cent of the retail price.
Fortunately, for those whose budget doesn't stretch that far, compact Hong Kong is a good place to look for a used car with relatively low mileage on the clock - if it hasn't been imported. Car owners in the city are always looking to upgrade, and often lack a parking space for the 'old' second car. So, that top-of-the-range Mercedes-Benz, BMW or Audi you've been green-eyeing isn't necessarily out of your reach, and you might even be able to afford a cut-price Porsche or Ferrari.
Nevertheless, the hunt for a reasonably priced used car can be perplexing and fraught with pitfalls. You may know what model you want and have a budget - mindful that the more common cars seen on the road are easier to get parts for - but where do you look? Do you put your trust in a second-hand car dealer, or the private seller whose wheels you've seen on the internet?
Wesley Wan Wai-hei, president of the Hong Kong Automobile Association (HKAA), says the most reliable option is buying from the used-car department of a marque's licensed dealer. These dealerships are not going to risk putting their reputation on the line. 'The new-car dealership always belongs to a bigger group, but the small second-hand car dealers are not always that honest and there are a lot of ways they can cheat buyers,' he says.
Wan cites the example of a scam by small dealers selling used cars imported from Japan. 'Sometimes they claim the car is accident-free when it has been involved in an accident. It is actually something like a Lego car; they just put the parts together.' He says the most common scam - one many buyers will be wary of - is mechanics turning back the clock so the car's mileage reads artificially low.
'Basically, don't buy cars that are too cheap, as there tends to be problems with them,' Wan says.