It's costly to buy a car in HK because of the tax on new cars. It's basically 100% on the MSRP of the car itself. A lot of car collectors and big ticket cars don't pay the HK tax and and don't register their cars and just run on T-plates (think demo plates in Canada). Who wants to pay 3MHKD for tax on a Ferrari Pista (unless you're insanely rich and don't give a fuck), not to mention after they pay HK tax, the owner is not going to be ever feasibly sell their car outside of HK market because they can't ever recoup the HK tax paid. This is also how you tell who's really rich. LOL. Many of the $$$ cars on T-plates are cars of dealerships/flippers.
It's also costly to upkeep and store cars. Annual license fees per car are based on a old stupid scheme based on engine cc size. You DON'T have to pay license fee if you are on T-plates. Funny fact, I was trying to get rid of my dad's clean but old S500 that, I eventually ended up selling it for scraps because, if unsold we were paying 5000HKD/month for the parking spot. A lot of car friends told me, that if the car was a S320 or unregistered on Tplates, it would sell much easier.
What I pay yearly at home for parking is more expensive than what my 95 Honda Beat is worth. It doesn't really make sense in Hong Kong that way to own cheaper or beater cars because of that.