So you have decided to buy a new car, but have a lot of questions due to the dilemma of buying a new car vs an old car. Which one is more affordable? Which one has more value for its price? Is a brand new car really worth it? If these are the types of questions you have in your head, then you have landed on the right page.
This Kwiksure article, announcing our new infographic on purchasing new versus used cars, will briefly explain the contents in our infographic, which in turn will help you make the right decision on which type of car to purchase, brand new or second-hand car.
The infographic is divided into three parts, the left side is designated to new cars while the right is designated to used cars. The middle section is for the criteria that one should consider before making the decision. The criteria featured in the infographic are the following:
To give you an idea of what you can expect, here are a few snippets from the infographic.
It is fair to say that a new car will cost more than a used car. However, that statement may only be valid at the time of purchase. Used cars are more susceptible to damages. Therefore, the maintenance cost may cause an individual to spend more in the end. It is vital to take this factor into consideration.
New cars, among some dealerships, are offered free maintenance for a set amount of time. Used cars may pass the initial check-up but they are bound to get broken quicker due to their prolonged usage.
Generally, the first registration tax only applies to new cars, and used cars which are shipped from abroad. The car needs to be registered with the transport department. Some motor dealerships may even offer to register the car on your behalf. The value of the tax is based on the published retail price. However, those that purchase cars that are deemed to be environmentally friendly are eligible for a concession.
Continue reading: Tips to buy a car in Hong Kong
Car Insurance in Hong Kong
Cars that are high in value usually end up facing high premiums, due to the costs that the insurance company may face in the future. However, a good driving score can bring down the cost of your premiums. On the other hand, cars lower in value will face lower premiums.
It is compulsory that you have insurance when buying a car in Hong Kong. People can get either the third party car insurance, where the insurance company will only take care of the other car in the accident but not yours; or they can get the comprehensive car insurance which also covers your car. Getting comprehensive car insurance may even come with benefits, depending on the level of insurance you purchase. Benefits may include things like:
You can check out our car insurance page to get a free quote and some more information on third party insurance and comprehensive insurance.
Continue reading: How to buy insurance for your second-hand car
Continue reading: Top cars for P plate new drivers
Download our infographic
For more information and details, visit our infographic. Our experts have done an excellent job in making your decision on buying a car easier. On top of that, you should also visit our blog page to find more helpful articles like this one.
Contact us at Kwiksure today for some professional advice from our car insurance experts and get a free quote today.
Kwiksure has over 20 years of experience in the car insurance industry, comparing quotes from over 60 insurers in Hong Kong. Use our online quotation tool now to get a free car insurance quote!
The above information is for reference only. Kwiksure takes no responsibility for the accuracy and timeliness of the information. For the coverage, mode of compensation, benefit limit and premium levels of any specific insurance plan, please refer to the relevant policy terms.
Kwiksure is a licensed motor insurance brokerage company with over 20 years of experience in insurance. The company strives to simplify insurance and select the best insurance plans for customers that fit their budget and coverage needs.
Kwiksure provides a range of insurance products, including car insurance, motorcycle insurance, cross-border insurance between Hong Kong and Mainland China, home insurance, travel insurance, domestic helper insurance, and voluntary medical insurance. The team has been named "Best Car Insurance Broker" and "Outstanding Leadership Award" by various media outlets over the years.
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