In Hong Kong, it is a well-known fact that owning a car is expensive. However, for many people, the desire to have their own beloved car never fades. Being able to take a drive out for leisure or grab a late-night snack is indeed a very enjoyable thing.

I believe that owning a beloved car is definitely an important part of life, and people with different incomes should have this right. Therefore, today Buycar.hk will share car buying options and car maintenance cost suggestions for different income levels to help everyone plan a budget.

Car Buying and Maintenance Guide for Low-Income Individuals (Monthly Income Around HKD 20,000):

Car Buying Options:

With a budget of around HKD 50,000, there are many good options available. However, to find a satisfying choice within this budget, one generally needs to look at used cars. The Honda JAZZ is indeed a very comprehensive and well-recognized good choice.

Used Honda JAZZ Portal:

https://www.buycar.hk/searchCars?search=Honda%20Jazz

Car Maintenance Suggestions

In fact, many people with a monthly income of around HKD 20,000 are car owners. Of course, monthly expenses must be kept within a certain amount. Compared to the general expenses, you can make choices in parking and car selection, such as opting for cars with smaller engine capacities to save on fuel and license fees.

Since the depreciation amount comes from the car's value itself, I just listed it as a reference and did not include it in the total car maintenance cost.

If your monthly income is around HKD 20,000 and you refer to our car buying options and maintenance suggestions, for a used car worth HKD 50,000, if you choose to buy it with a personal loan, the monthly car payment would be around HKD 1,454. And for car maintenance, it would be around HKD 3,528.

Car Buying and Maintenance Guide for Middle-Income Individuals (Monthly Income Around HKD 60,000):

Car Buying Options:

Many car owners with a monthly income of around HKD 60,000 opt for cars around HKD 300,000. There are many good options for both new and used cars at this price range, and the average monthly payment is only a little over HKD 8,000, making it quite affordable.

For new cars, the Mazda 6 Sedan 2.5 is priced at HKD 339,990. Readers with a preference for new cars may consider this well-recognized option. Firstly, Mazda cars do not depreciate quickly, so even buying new is not bad in terms of value retention. Moreover, the 2020 Mazda 6 has an outstanding appearance and excellent performance, making it a very good choice.

For used cars, you can consider the BMW 420i, a well-recognized stylish car with excellent overall specifications. Additionally, the 2016-17 MERCEDES BENZ E200 is also a very good option.

Used BMW 420i Portal:

https://www.buycar.hk/searchCars?search=BMW%20420i

Used MERCEDES BENZ E200 Portal:

https://www.buycar.hk/searchCars?search=%E5%B9%B3%E

Car Maintenance Suggestions

Of course, the depreciation rates for new and used cars differ significantly. For example, the depreciation for a new car in the first year is often equivalent to several years of depreciation for a used car. However, the above figures can still serve as a good reference.

If your monthly income is around HKD 60,000 and you refer to our suggestions above, for a car priced around HKD 300,000, the monthly installment would be around HKD 8,723, and the car maintenance expense would be approximately HKD 9,703.

Luxury Car Buying and Maintenance Guide (Monthly Income Above HKD 100,000)

In fact, if your income is above HKD 100,000, you probably don't need advice or help calculating the cost of buying and maintaining a car. However, to satisfy the curiosity of general readers, let's calculate it.

Car Buying Options

For new cars, with a budget of HKD 1,000,000, you can choose high-end models such as the BMW 4 Series. The 4 Series is indeed a top choice for many high-income individuals. With a slightly higher budget, you can also consider the Porsche Taycan series, which is undoubtedly a symbol of status for many people.

As for used cars, at the price of HKD 1,000,000, the used car market is generally not very valuable for reference. High-end cars can even appreciate to some extent. Therefore, I won't make suggestions for this price range.

Car Maintenance Suggestions

Besides a monthly installment of about HKD 30,000 for the car, the monthly expense for maintaining the car is also around HKD 20,000.

Of course, different income levels can result in many differences in buying and maintaining a car. Regardless of your income level, the above figures can provide you with some reference value.