Taking a look at automobile possession in Hong Kong is so simple as it’s elsewhere, even with the federal government discouraging individuals from shopping for vehicles. After a bumper yr of automobile gross sales in 2016, automobile registrations from 2017 to 2020 seem to have slowed. Nonetheless, there are some things it’s best to think about in case you’re seeking to purchase a automobile in Hong Kong. This week, INO seems at how and the place you should buy a automobile in Hong Kong, in addition to some useful suggestions.
Discovering a automobile to purchase
One of many first questions you’ll must ask your self earlier than leaping into automobile possession is whether or not you need a new or used automobile. There are professionals and cons to each. A brand new automobile could have no put on and tear, subsequent to no kilometres on the clock, and can typically include a good guarantee that’s usually backed by the producer itself. Used autos will typically beat new ones on worth, however could include harm and with out a producer’s guarantee.
These wanting a brand new automobile can discover one from the numerous automobile dealerships round Hong Kong. Producers akin to Porsche, Volkswagen and Audi have licensed sellers on the island, whereas corporations like The Automall additionally deal in vehicles from American and Japanese makers. Many sellers have web sites, so you too can view their inventory and costs on-line.
Secondhand sellers are the place to begin in case you’re searching for a less expensive used automobile. There are used automobile sellers round Hong Kong, together with the DCH High quality Used Automotive firm in Kowloon Bay. You may additionally discover quite a lot of branded dealerships, akin to BMW, provide secondhand autos. These dealerships could have restricted inventory instantly obtainable at their automobile yards, so it might pay to contact them first if you wish to take a look at drive a automobile.
Lastly, on-line autotrader web sites are the place you will discover a spread of offers. Web sites akin to 28car.com and Car1.hk have quite a lot of categorized listings for automobile possession, with a variety of make and mannequin choices.The listings obtainable could be from sellers, however can also be from non-public people seeking to promote their very own autos. Past that, you may additionally discover autos on different buying and selling and neighborhood websites like Asiaxpat and Craigslist.
What do I want to be able to purchase a automobile?
The next move in automobile possession is to make sure you are legally allowed to buy a automobile. In Hong Kong, there are some things you will want to carry when proudly owning a automobile:
- A Hong Kong ID card
- A Hong Kong driver’s license
- A Hong Kong residence to register a brand new automobile’s possession or switch a used automobile’s possession to
- At a minimal, third get together threat insurance coverage
Additionally, you will wish to be certain you realize the prices concerned with proudly owning a automobile. The upfront buy prices of a automobile are fairly excessive in Hong Kong; situation secondhand luxurious automobile from a European maker can price HKD 150,000 whereas a Japanese import can begin at round HKD 80,000. This is determined by the make and mannequin, after all, however typically count on to pay greater than you’d in different nations.
There’s additionally the operating and upkeep prices of automobile possession. Automobile licensing charges are charged depending on the scale of your automobile’s engine.
In accordance with the annual Funds 2021, the registration taxes and annual license charges have been elevated by 15% and 30% respectively, efficient on 24 February.
For petrol autos, the annual license charge ranges from HK$5,074 to HK$14,694, and the 4-month license charge ranges from HK$1,804 to HK$5,171.
For gentle diesel autos, the annual license charge ranges from HK$6,972 to HK$16,592 and the 4-month license charge ranges from HK$2,469 to HK$5,836.
Personal Automotive License Payment
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Personal automobile (petrol)
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||
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Cylinder capability of the engine
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Annual charge (HKD)
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4-month charge (HKD)
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<1,500 cc
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$5,074
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$1,804
|
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>1,500 cc
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$7,498
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$2,653
|
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>2,500 cc
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$9,929
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$3,504
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>3,500 cc
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$12,360
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$4,355
|
|
>4,500 cc
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$14,694
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$5,171
|
|
Personal automobile (gentle diesel)
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||
|
Cylinder capability of the engine
|
Annual charge (HKD)
|
4-month charge (HKD)
|
|
<1,500 cc
|
$6,972
|
$2,469
|
|
>1,500 cc
|
$9,396
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$3,317
|
|
>2,500 cc
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$11,827
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$4,168
|
|
>3,500 cc
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$14,258
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$5,019
|
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>4,500 cc
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$16,592
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$5,836
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*Final Up to date: 24 February 2021
Electrical Automobiles’ License Charges
In contrast to conventional vehicles, electrical autos’ license charges are calculated primarily based on the burden of your automobile.
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Electrically-powered passenger automobile
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||
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Annual charge (HKD)
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4-month charge (HKD)
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|
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<1 tonne
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$572
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$30 + 35% of Annual License Payment
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A further charge for every 250kg
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$124
|
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Additionally remember what gasoline costs are and the way usually you may must refill, in addition to what annual upkeep prices could be.
Issue into your issues tolls and parking expenses, relying on the place you drive regularly and the place you will want to park your automobile when at residence. In 2019, the SCMP discovered that the world’s costliest parking area was in Hong Kong, whose sale worth was as excessive as HK$7.6 million. Safe parking areas are additionally a should for a lot of insurance coverage functions, so be certain your parking association is more likely to meet your insurer’s necessities too.
Lastly, insurance coverage is one other essential price to think about. As third get together threat insurance coverage is the naked minimal, many individuals hunt down extra complete insurance policies that cowl harm to each your and a 3rd get together’s property. Complete automobile insurance coverage insurance policies are positively costlier than third get together plans, so issue these prices into your issues for automobile possession too.
Automotive possession: listed below are some suggestions earlier than you make your buy
In the event you’re prepared and ready to lastly drive a brand new automobile residence, listed below are a couple of suggestions you’ll need to bear in mind earlier than you hand over your money for a automobile:
Take a take a look at drive
Whether or not you’ll be able to take a take a look at drive is determined by the place you purchase the automobile, akin to by means of a automobile dealership, a automobile public sale, or from a second-hand automobile vendor. If a take a look at drive is an possibility, all the time take a possible automobile for a spin. Take a look at drives help you get a really feel of how the automobile handles on the street, the way it feels contained in the automobile and to make sure that the automobile seems to be in working order. Take the chance to really feel how the gears shift, how the pedals reply, and make sure that the wheel alignment isn’t off earlier than you decide to taking possession of the automobile.
Ask for a automobile historical past
Automobile historical past reviews typically maintain helpful info for potential consumers as as to whether or not the automobile they’re contemplating has been concerned in any visitors or insurance coverage incidents. This may prevent from buying a automobile the native regulation enforcement companies have already got fines attributed to. Contact the Transport Division Licensing Workplace for extra info.
Get a pre-purchase test of the automobile
Pre-purchase checks may virtually be thought-about important for these think about automobile possession with a used automobile. The Hong Kong Car Affiliation can test a automobile so that you can make sure that it’s roadworthy and that you simply received’t get caught footing the invoice for a restore that wasn’t your fault. In case you have your individual mechanic, then you’ll be able to search them out for a pre-purchase test as an alternative.
New vs used automobile
There may be extra to consider, other than the finances, when you find yourself contemplating shopping for a brand new or used automobile. Learn our “Information to Shopping for a Automotive in Hong Kong, New vs Used infographic” to study extra on the topic.
Getting insurance coverage in your automobile
The ultimate piece of the puzzle is to make sure you have ample automobile insurance coverage protection in your new automobile. Automotive possession legal guidelines in Hong Kong require a naked minimal of third get together threat insurance coverage, nonetheless such insurance policies solely cowl harm brought about to different individuals’s property. In the event you’re concerned in a collision, third get together plans received’t pay out to restore your automobile. Complete plans do, nonetheless they are often extra expensive.
Contact INO in your insurance coverage options!
Apart from automobile insurance coverage (third-party and complete), INO additionally offers residence insurance coverage, bike insurance coverage, VHIS, and extra! Use our on-line citation system as we speak to obtain a free quote! Want to chat with us for customized options? Contact our workforce of professional insurance coverage advisors as we speak. They’d be pleased to give you neutral recommendations that can assist you select the right insurance coverage plan.
