cost of owning a motorcycle in hong kong

Usually, the lower the numbers, the higher the vehicles value. Again, there are some superb restaurants on the Stanley Waterfront so stop for lunch or a snack. There are a few key factors that will change how much it money it will ultimately cost. Regardless of where it is parked, if left for longer periods of time (more than a few days) its a good idea to purchase a waterproof motorcycle cover. If you have any further questions about riding a motorcycle in Hong Kong, please visit our Ask an Expat Forum. To add more listings consider upgrading your current package. Dont live in these states? With that said, if you're certain you'll be driving your motorbike in the long run, choose to pay a lump sum annually to save up. It is essential that the car be inspected before you make a deposit. . Use Ask Statista Research Service. During the first year of a cars life, there will be "Niagara Falls" depreciation, which will gradually slow down over the next 3 to 6 years. Construction Noise: When Renovation Works Can Be Carried Out In A Resdiential Flat? Both driving instruction companies recommended below have English language websites and instructors. Copyright 2000 - 2023 Pacific Prime Insurance Brokers Limited (PPIB). Tyres usually last from 5000-15000 miles depending on the type. The Japanese models are smaller in size, which makes them more suited to the narrow roads in Hong Kong, and easier for new drivers to handle. If youre always riding, you may have to change at least the rear tire every 3,000 or so miles (the average rider rides 3,000 6,000 miles per year). Don't know how to repair your bike? Contact us today for a free quote! The Environmental Impact An electric car is essentially a zero-emission vehicle, meaning they do not emit nasty exhaust pollutants which can cause poor air quality. In. Tires last us about 4-5 years (45-50K min). Application for Transfer of Ownership of Public Light Bus. You want to make sure you get a plan that works for you when it comes to coverage and price. After all, the small size of the two-wheeler makes it agile whizzing through jams, and bikes are probably one of the most convenient and fastest way to get around Singapore. This gives you about 4.5 times the savings if you choose a motorcycle over a car. This is another favourite of HK motorcyclists. This is constantly being made harder and more expensive due to the volume of traffic on the roads and the danger of riding a motorcycle increasing. Statista. (296 KB) *. Performance & security by Cloudflare. No person under 18 is allowed to bet or enter premises where bets are accepted. As the saying goes, its not about the years but the mileage. Regular maintenance (oil changes, chain maintenance etc.) What are the steps for buying a new or used car in Hong Kong? [Online]. You have reached the maximum number of listings for your package (0). Breaking this law will net you a hefty penalty fee of $10,000 and 12-month of imprisonment. Directly accessible data for 170 industries from 150+ countries [Graph]. Some countries welcome the ownership of motorcycles while others make it difficult and expensive. Heavy Goods Vehicle (HGV) 3,500kg < MLW 16,000kg. How is monkeypox transmitted and are vaccines available. In California, you can expect to pay just over $200 per year (or $16-17 per month) for a motorcycle that's been paid off. But you might be surprised by the total costs for even generic expenditure, such as owning a dog. Personally I bought my cbr250rr for $2500, then bought a Cbr1000rr for $7500. One, its important that you know as much as possible about your potential future bike, and two, you can ballpark what its going to cost you in the long run. Remember you can always ask these types of questions before you buy the bike so you know just what youre getting into, especially if youre buying used. ", Cint, Hong Kong: Do you own a motorcycle? up to 2000 yuan and possible loss of license for excess speeds over 50% of the speed limit. Figures do not add up to 100 percent due to results below 0.1 percent not being displayed. Get a quote from Dairyland >>. Moreover, receiving parking tickets over and over again can be even more expensive. The cost of owning a car or. If we include the latest COE prices with the cost, the RC390 will set you backaround $224,701 after factoring an COE of $12,801 for Category D (as of 2nd bid October 2022). For instance, motor oil, spark plug, transmission fluid, oil filter, cooling fan, tire, and more - these all need to be replaced every once in a while. Regardless, whether you pay for the bike in full or take out a loan, all expenses must be covered when trying to calculate the total cost. Parking your motorcycle outside carries its own risks, however. We suggest buying comprehensive insurance for more extensive coverage. . How much do motorcycle tires cost? The calculation is also based on usage assumptions. $300-500 for gear. If there are no import documents or detailed information on a vehicle, we recommend that you do not consider it. Central, Hong Kong SAR, Telephone: (852) 2815 2520 Motorcycle insurance is definitely more affordable than car insurance. 1. 2023 Whatever motorcycle really peaks your interest is the one you should buy. With at least 2 years of riding experience and aged over 23 years old, you can expect to pay about $400 per year for Third Party, fire and theft coverage. How to get a motorcycle license in California? Some dealerships, such as BMW, also sell used cars. Personally I commuted every day on a cbr250rr (super-sport) and I still ride a super-sport today. A paid subscription is required for full access. A cost you might not think about is tires, and those can cost you. It will also get you to your M2. Note that paying every four months will cost you more. A Subreddit for all things Hong Kong. Yet, monthly expenses could still add up to a tremendous figure. Annual car sales worldwide 2010-2022, with a forecast for 2023, Battery electric vehicles in use worldwide 2016-2022, Annual gas prices in the United States 1990-2022, Automotive industry worldwide - statistics & facts, Motorcycle industry in the United States - statistics & facts, Profit from additional features with an Employee Account. Scan this QR code to download the app now. "Hong Kong: Do you own a motorcycle?." If you want convenience (but perhaps not comfort) without breaking the bank, a motorcycle may be your best bet. First off, before the purchase of your motorcycle, its a good idea to obtain your motorcycle licence. Motorcycle registration is $550 per year in my state. A new bike will likely have little to no repair needs and will last for three or more years under normal riding conditions. (127 KB) TD 468. The cost of obtaining this licence is around $1000. If you have already decided on a model, remember to do the following three things before making a deposit: It is best to specify in the contract that the vehicle license is to be issued only after the car is inspected, and the car can be inspected again after delivery. The cost of renewal for a 3 year licence is $120 and a 10 year licence is $200. Costs can vary depending on where youre buying from, just make sure your gear will do the job. If you are considering a parallel-import vehicle, make sure you know whether a vehicle license has been issued for it. Servicingdepends on how you often drive the motorcycle, how well it is being maintained and the price of the parts required. If you are keen to learn how to ride a motorbike in Hong Kong, there are two excellent Motorcycle Instructions Schools that can get you up to speed. In the following articles, our Kwiksure experts will answer the above questions for you one by one. (170 KB) TD 336B. The worst case scenario is parking it on the street. cross-border insurance between Hong Kong and Mainland China, home insurance, travel insurance, domestic helper insurance, and voluntary medical insurance. Over a 10-year period, you can expect to pay about $4,000. From the above, we estimate that the cost of owning a motorcycle over a 10-year period is about $51,780. ASIAXPAT 1999 - 2019 20 Years serving the Expat Community in Hong Kong, Expat Property Investment: Tips & Best Practices for Expats, THE NEW RANGE ROVER SPORT IS AVAILABLE NOW. Getting into motorcycle ownership is not cheap, but it doesnt need to be super expensive either. As for the prices, these models depreciate relatively slowly, so they are very suitable for new drivers to improve their skills with. Cint. Money can be saved on insurance by the more security measures that are in place to protect the motorcycle from theft. With a year range in mind, it's easy to zero in on the listings you want and even contact a dealer to ask questions . I know how to drive am a very keen driver, but never properly rode on a motorcycle before other than maybe my friends 125cc up and down the road last year (in first gear). You can identify what's best for you by optimising for cost, coverage and other perks. At the time of writing this article (October 21st, 2020), every litre of fuel is priced at $14.78. The standard payout limits given by most private motorcycle insurance plans of the Third Party in Hong Kong are as follows : Section (II) Insurance : Death or Bodily Harm by Third Party : HK $100,000,000 (set by the government) Third Party Property Damage : HK $750,000. The cost of new motorcycles ranges from the $2,499 Honda Metropolitan to the $78,000 BMW HP4 Race. Learn everything about the models your interested in, then find some motorbikes to test ride. Among the loan options, in-house financing is the most common as the loan application process is relatively flexible. Pro Tip: Always overestimate the amount of repair and maintenance costs. 5 Cheapest Cars In Singapore That You Can Buy In 2021. The True Cost of Motorcycle Ownership: Top 6 Expenses of Owning a Bike . Penalties for exceeding the speed limits are as follows: up to 200 yuan for excess speeds over 10 km/h (6 mph) but under 50% of the speed limit. Privacy Policy. If not, consider yourself lucky and make sure you read how to ride a more powerful motorcycle before heading out and purchasing a big bike. Honestly you could spend an absolute fortune on motorcycle gear. As for mileage, in Hong Kong, on average, a private vehicle is driven about 10,000 - 15,000 km a year. COVID-19: Does my expat health insurance cover it? FB1422). commuted every day on a cbr250rr (super-sport). If you are an admin, please authenticate by logging in again. AsiaXPAT Features and Offers in your inbox. This is between $200-$300 a year with a $500 excess payment when a claim is made. The actual cost of owning a motorcycle for me would be much more manageable and is within my budget. All in all, owning a motorcycle is a great alternative to owning a car when it comes to your finances. Despite the risk of being issued a fixed penalty parking ticket, a number of drivers will choose to park on the side of the street or in a back alley. 28car.com and ibike are worth a look to see what's available in your taste and price range. Motorcycle insurance is mandatory in Singapore. All rights reserved. Motorcycles are a lot more straightforward. Full leathers High motorcycle boots $300, full leather pants with knee pads $500, full leather jacket $600 with back protection (zip together to make suit for the track), leather gloves $150. Motorcycles are on the petite side, so fuel use is naturally more economical. Kwiksure is wholly owned and operated by PPIB. You can lengthen your journey and carry right through on your bike to Stanley. Whether youre buying it from a dealership or a private party, they should be able to provide you with all the answers and information you need. All Rights Reserved. Get access to exclusive deals, updates on manufacturer rebates, and product reviews and test drives, Insert details about how the information is going to be processed, The True Cost of Motorcycle Ownership: 6 Expenses of Owning a Bike. The True Cost of Motorcycle Ownership: Are You Ready to Ride? I only have one helmet ($500) which gets replaced when needed and the high boots I own are the same pair (listed twice below). Singapore-Desaru: How Much Does It Cost To Travel Via The Different Methods Including Ferry Service. Dont be afraid ask questions before you buy the bike and consider all the expenses, especially your safety gear (it saves lives!). As for parking estate under the Housing Authority (HA), the parking rate for a car at a covered car park is HKD $2,890 per month. In Texas, the requirements are a bit more streamlined: How to get a motorcycle license in Florida? To buy a car, you must have your HKID card, driving license, proof of address, and documents for third-party liability insurance. Regardless of where you shop for insurance, dont be afraid to ask questions. That is correct. All vehicles driving in the streets of Hong Kong are required by law to pay a license fee. After already being in $1000, it's now time to consider the bike itself. Sure, but motorcycle riding gear, such as boots, jackets, leggings, and gloves are an important layer of protection when it comes to motorcycle safety. Fees of Vehicle and Driving Licensing Services (120KB) Last review date: 8 Dec 2022. From Travel, food, events, to local news and politics. The company strives to simplify insurance and select the best insurance plans for customers that fit their budget and coverage needs. I'd not drive in this town if I had so much overhead. Hopefully my own personal expenditure on my motorcycle and the costs associated with owning one has helped you with any questions related to this broad and differing topic. Hong Kongs Top Site for Executives | Hong Kongs Leading Property Site | Hong Kongs Best Classifieds, If you are looking for riding partners, we suggest you drop a post on our. As mentioned above, if you discover a problem during the inspection at delivery, you have the right to refuse to take delivery, and demand that the dealer solve the problem before finally taking delivery of the car. Then you can access your favorite statistics via the star in the header. On the other hand, if youre looking at a used bike, that could need immediate maintenance and repairs and can vary by age and condition of the bike itself. That would amount to $2,000 over a 10-year period. Shop a scooter to get around town or a larger bike to enjoy on the weekends here. As a best practice, drivers should replace their fully synthetic fuel every 5,000 km. One-time costs usually consist of the. That said, the cost of owning a motorcycle is considerably lower than a car, which is a few timesmore expensive overa period of 10 years. This translates to which translates to 240km before needing a refuel. Protective Riding Gear. and our Total one time motorcycle expenses = $ 12,170, Total yearly motorcycle expenses = $5,600. Full comprehensive insurance covers everything including your own motorcycle, this is between $750-$1000 yearly with a $500 excess. Personally I wouldn't be able to survive being without AC for prolonged periods of time. Privacy Policy. Ultimate Guide to Renting a Car While Traveling Abroad, Compare 6 Annual Travel Insurance Plans from Different Insurers, A Beginner's Guide to Electrical Vehicles in Hong Kong 2023. The best in my opinion is a big thick security chain. However, some do not like the prospect of scrambling for space on the MRT every morning. What to look out for when test-driving a new/used vehicle, Steps in buying a used car and precautions to take in 2023, First Registration Tax concessions are available for electric private cars, Licensing Office of the Transport Department, [Saving Tips for Car Owners] 2021 Guide to running a car in Hong Kong, Numerous discounts at year-end auto shows, Preserve value better because of smaller depreciation at the time of selling on, New and beautiful, lower chance of needing a repair, Some car dealers will provide free maintenance and repair within warranty period, Leave the factory only after inspection by the original factory, so there is a smaller chance of problems occuring, Mandatory vehicle inspection will begin after 6 years, Vehicle license fee to be paid by the buyer, There may be damage to or scratches on the body, and minor repairs may be needed, Some used car dealers sell used cars that have been verified by the original factory and come with extended warranty, If the model has been around for some time, the availability of parts, maintenance and appearance/upgrade services will be more comprehensive, Since the car is older, problems are more likely to occur requiring repair, Need to be more careful when test driving to avoid buying a car that is only good on the outside, It is harder to find replacement parts for older cars, If it is a classic car, the maintenance and repair could easily cost more than the car itself, If the vehicle is close to 6 years old, the mandatory vehicle inspection will begin soon, If an old non-electric private car is deregistered and a new electric private car is registered (under the "One-for-One Replacement Scheme), the owner can enjoy First Registration Tax concessions, up to HKD $287,500, No First Registration Tax is payable, unless the vehicle is a used car imported from overseas, in which case it must be registered with the Transport Department, The used car seller may have paid the vehicle license fee, Since the car is more expensive, the insurance premium is also higher, Since the car is less expensive, the insurance premium is also lower, If the car is in stock, it can be delivered in as little as one week, vehicle license and auto insurance included, But with some models, the delivery could take up to a year, If the seller is someone youre familiar with, the car can be delivered on the spot, However, if the seller is a total stranger, the delivery will take at least several months because of the test driving, car inspection, and change of registration, You will need to personally complete the procedure for change of registration at a Licensing Office, Car prices, and maintenance and repair costs are cheaper than for electric cars, Not eligible for the One-for-One tax incentive, Gasoline is extremely flammable and highly volatile, and thus more dangerous in an accident, Zero exhaust, and thus more environmentally friendly, Eligible for the One-for-One tax incentive, More expensive than traditional petrol-powered vehicles, Charging stations are still not widely available, Can only be serviced and repaired by the original factory, and repair and insurance costs are very high, The battery is charged by the engine, so there is no need to go to the charging station, If you drive long distances, the energy saving performance is actually worse than with electric vehicles, Arrange a car inspection through a friend, on an online platform, or via a used car dealer, Note the year of production, the number of previous owners, the mileage, the expiration date of the current vehicle license, etc.