Posted by
afoley
15 yrs ago
I am trying to decide if buying a car makes financial sense for my family. Can someone give me a rough estimate of what it would cost annually to own a car in HK? I'm not talking about a fancy, high end car, just a simple passenger vehicle for a family of four and a dog. Specifically:
1. What is the average cost of insuring a car for third party liability vs comprehensive coverage?
2. What is the rough estimate for licensing and registering a vehicle?
3. Are there other mandatory fees, taxes, or financial considerations (other than fuel cost, parking, cost of the car) that I should consider?
Thanks.
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aussienla summarizes it well.
The two variables are insurance and rego. Insurance is dependent on age, price and model. Rego is dependent on engine capacity. From memory, our BMW 330 from 2001 is about $4500 rego (3 liter engine) and about $6500 insurance for comprehensive.
Second hand cars are quite cheap in HK and tend to be low mileage and in good shape relatively speaking. Also service is cheap. Many dealers will also give quite generous warranties on used cars. For example Vin's gives one month parts and labor, one year labor and free pick-up and drop-off as long as you own the car. That's even on a 20-year old car.
I know you didn't specify but for much commuting in HK cars are very impractical due to the cost of parking. If public transport isn't practical, a two-wheeler is often way more convenient and a fraction of the cost.
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We've bought two from Vin's. On last count we have 4 friends who have bought from Vin's, one three times over the years. We're all happy with both cars and service.
I'm not saying that every sale they make is great, but I don't think they're the horror you suggest.
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Ouch.
Unfortunately I don't think that "turning back" the odometer is illegal in HK. Certainly it is not a very consumer friendly practice.
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A deleted comment from Bruce91. The comment contained criticism of the vendor, which is probably the reason it was deleted. Against site rules to do that.
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190k
15 yrs ago
Vin's is a paying advertiser on this site to any criticism leads to a deletion and a ban. I know I was banned after I posted a bit on Vins a few years ago. Sometimes the truth is not permitted Vins pay more than I do they win
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If your car cost HK$200k, including petrol, parking, car loan, insurance, road fee, it cost HK$20k per month.
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"Vins pay more than I do they win"
Welcome to HK...
Who needs an propagandist autocracy when an free ultracapitalistic system does it better and for free?
;)
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