A couple of other factors why used cars in HK are also cheap relative to here include:
- Operational costs are high: parking, gas, maintenance etc.
- Culturally the population is averse to used cars (or used items in general)
- HK humidity + summer heat reduce a vehicle's longevity
- Good public transport system lowers the demand for cars
- Unsure about this, but I don't think HK has a CarFax equivalent. This adds a lot of uncertainty for car shoppers when looking at used vehicles.
The monthly expenses add up quickly - $300-400CAD/month for home parking, another $300-400 if you park somewhere near your workplace in the city, $3-4/L of gas, plus insurance and maintenance.
These factors skew the mainstream car shopper to those who are at least financially comfortable purchasing a new car when in the market and can support the everyday expenses that go with it. Even then, the public transit system is good enough to make car ownership not worthwhile.