[Car Tips] Electric Car vs. Gasoline Car: Which One is Right for You?

Electric car vs gasoline car: which one is right for you? (Hong Kong Edition)

The editor will personally analyze and help you choose the car that suits you best!

Hello everyone! In recent years, I've been getting more and more questions from friends: "Should I buy an electric car in Hong Kong now? Or do traditional gasoline cars still have advantages?"
In fact, choosing a car in Hong Kong really requires thorough research. Not only should you look at the price, but you should also consider government policies, charging facilities, daily travel habits, maintenance and repairs, second-hand car price trends, and your family's actual needs.

This article will provide a comprehensive and grounded comparison of electric and gasoline vehicles, answering the question, "Which model is best for you?"
Whether you are a new car owner, a family head, or a single working person, you will definitely find the right tips for you!

1. A Quick Look at the Current Situation of Electric Vehicles vs. Gasoline Vehicles in Hong Kong

Current Status of Electric Vehicles (EVs)

  • Starting from 2024, major brands in Hong Kong will launch new products. Tesla, BYD, Kia, Hyundai, BMW, Mercedes and others will have electric vehicle models, and there will be more and more choices.
  • The government is vigorously promoting "green travel" and has implemented substantial reductions in first registration tax. As a result, the landing prices of some models (such as the Tesla Model 3 and BYD Atto 3) are more attractive than gasoline vehicles.
  • Charging facilities are gradually increasing, but the speed of installation in old buildings/housing estates/public car parks still cannot keep up with demand.

Current Status of Internal Combustion Engines (ICEs)

  • Traditional major brands (Toyota, Honda, Nissan, Mazda, Volkswagen, etc.) still have the most gasoline-powered vehicle options, and the used market is active.
  • Oil prices have risen in recent years, but the density of gas stations is high, making refueling convenient.
  • Experienced repair network, clear and transparent maintenance costs.

2. Electric cars vs. gasoline cars: The most important comparison

(1) Car purchase taxes and landing costs

Oil truck

  • When buying a new car, you have to pay the First Registration Tax (FRT). The tax rate increases according to the price of the car, and the larger the displacement, the more expensive it is.
  • In recent years, the first registration tax for gasoline vehicles has been high, and for some models, the tax accounts for more than 30% of the total price.
  • There is a large supply of used gasoline vehicles, a low entry threshold, and a wide range of choices.

electric vehicles

  • The Hong Kong government encourages emission reductions and offers significant first-time registration tax exemptions for electric vehicles (capped at $97,500 for passenger cars in 2024, or up to $287,500 under a "one-for-one" scheme).
  • The landing price of the new car is not much different from that of the same level of gasoline car, or even cheaper.
  • The used electric vehicle market is just starting to take off, and its appreciation and value preservation capabilities are unclear, but subsidies for new vehicles are very attractive.

Editor's reminder:
In the short term, electric vehicles offer clear advantages for tax savings and the pursuit of new technologies. However, it's important to note that subsidies are subject to review every few years, so their effectiveness isn't guaranteed to last.

2. Daily Use Convenience: Refueling vs. Charging

Oil truck

  • Gas stations are densely distributed throughout Hong Kong, and you can refuel at any time in just three to five minutes.
  • Long distance travel is stress-free and you don’t have to worry about supplies.
  • Oil prices fluctuate greatly, averaging HK$25-30 per liter in 2024.

electric vehicles

  • The number of charging facilities is increasing year by year, but their distribution is still "concentrated in new housing estates, shopping malls, and some public parking lots."
  • It is difficult for residents of housing estates/old buildings to install private charging stations, and it is easy to "grab a spot" at public stations.
  • Ordinary slow charging (7kW) takes 6-10 hours, while fast charging (above 50kW) can replenish 80% of the power within 1 hour.
  • It is very convenient for daily short-distance commuting, but the experience will be compromised if you have to queue up to charge on sudden long-distance trips or holiday trips.

Editor's experience:

  • There is a parking space for charging piles, which is very convenient for electric cars.
  • If you don’t have a fixed parking space and frequently need to find public charging stations, it is recommended that you consider a gasoline car or a hybrid car first.

3. Driving costs: fuel vs. electricity

Oil truck

  • The fuel cost per kilometer is about $1.2-$2 (depending on the type of vehicle and road conditions).
  • Frequent traffic jams and short-distance starts will result in higher fuel consumption.

electric vehicles

  • The electricity cost per kilometer is about $0.2-$0.4 (calculated based on household electricity, public charging stations will be slightly more expensive).
  • Although electricity prices will increase in 2024, overall electricity costs will be more than two-thirds lower than those of gasoline vehicles.
  • No need for maintenance such as engine oil, spark plug replacement, or drive belt replacement, saving you significant money in the long run.

Summary:
If you travel a lot, for commuting or for delivery/business, an electric car can significantly save you money on a daily basis. If you use it less often, the difference won't be noticeable.

(IV) Maintenance and durability

Oil truck

  • Classic design, mature repair network, and sufficient parts.
  • Routine maintenance every six months/10,000 kilometers, including changing oil, spark plugs, filters, etc.
  • As a car ages, it is more likely to experience mechanical aging (transmission, engine, air-conditioning compressor, etc.).

electric vehicles

  • The number of maintenance items is greatly reduced (no engine oil or transmission oil), and only brake fluid, coolant, tires, etc. need to be replaced regularly.
  • The battery life is generally 8-10 years (most manufacturers provide 8 years or 160,000 kilometers of maintenance).
  • Major repairs (such as battery replacement) are costly, so be prepared for them after the warranty expires.
  • The repair network is still mainly based on the original manufacturer, and the local technicians have less experience.

Editor's suggestion:

  • If you want to own or use your old car for a long time, there are many options for repairing gasoline cars.
  • Electric vehicles are suitable for car owners who plan to replace their cars within 5-8 years and value new technologies.

(V) Driving experience and comfort

Oil truck

  • The gasoline car accelerates linearly and the driving feel is familiar.
  • The engine noise and gear shifting have a "mechanical feel" that some car enthusiasts like.
  • Long-distance driving without pressure.

electric vehicles

  • It accelerates very quickly (instant torque) and is quiet with no engine noise.
  • Less vibration, higher passenger comfort, especially suitable for families with children or elderly people.
  • Low center of gravity and stable handling.
  • Some car owners are used to the "single-pedal" driving feeling (releasing the throttle is the same as braking).

(6) Secondhand value and value retention

Oil truck

  • The second-hand market for mainstream Japanese cars (Toyota, Honda) is the most active, with fast turnover and strong value retention.
  • European cars depreciate quickly, have high maintenance costs, and their second-hand prices are prone to falling.
  • There is still a market for reselling gasoline vehicles that are over 10 years old, and the repair technology is mature.

electric vehicles

  • The second-hand market is just starting out, and resale prices are fluctuating greatly.
  • Battery health and maintenance records directly affect value.
  • Changes in subsidy policies will affect prices in the new and second-hand markets.
  • Some models (such as Tesla) retain their value better, while older models experience greater fluctuations.

Editor's Tips:
If you plan to replace your car within three to five years, electric vehicle subsidies can reduce the risk of depreciation; if you plan to use it for a full ten years, a gasoline car is a more stable choice.

(VII) Government Policies and Future Trends

  • The Hong Kong government is actively promoting electric vehicles. The current "one-for-one" program is very attractive, and the new registration tax for gasoline vehicles will only become higher in the future.
  • Starting from 2035, the government plans to stop selling new gasoline vehicles (the specific policy is subject to the latest announcement from the Transport Department).
  • Electric vehicle charging facilities will continue to expand, but widespread use will take time.
  • Gasoline vehicles may face more environmental regulations, charges and restrictions in the future.

(8) Lifestyle, family and personal factors

Suitable scenarios for choosing electric vehicles:

  • There is a fixed parking space for the owner, where a charging pile can be installed.
  • Daily short-distance commuting in major urban areas
  • Want to save on daily commuting expenses and use the car frequently
  • Like new technology and enjoy quiet/smooth driving
  • Have requirements for environmental protection and want to reduce carbon footprint
  • Expect to change car within 5-8 years

Suitable situations for choosing a gasoline car:

  • No fixed parking space, difficult to install charging equipment
  • Frequent long-distance travel (e.g., between the New Territories and the Mainland)
  • The car is used infrequently, or only for leisure travel on weekends
  • Pay attention to the value preservation of second-hand products and plan to use them for more than ten years
  • Concerns about maintenance costs and convenience
  • Prefer traditional driving feel

3. Personal experience sharing & real cases from friends

Case 1: Family Upgrade: Switching from Gas to Electric Cars <br>A friend of mine, a family of four, lives in a new housing estate with their own parking space. They upgraded to a Tesla Model Y in 2023. They primarily commute to work and school in the city on weekdays, with occasional weekend trips to the New Territories. Their monthly electricity bill is around $400, more than half the cost of their previous gas car. The only inconvenience is the need to plan charging stops in advance for long weekend trips, but overall, they are very satisfied.

Case 2: Car Owner in Old Building Still Sticks with a Gasoline Car <br>Another friend lives in an old tenement building in an older district. With no private parking nearby, he has to park on the street or in a public parking lot. He originally considered buying an electric car, but found it so frustrating to find a charging station and constantly have to queue that he ended up buying a gas car instead. While the gas is more expensive, the convenience still wins out.

Case 3: Two Cars for Business <br>A friend's company has both a gasoline car and an electric car. The electric car is used for short-distance client visits in the city, while the gasoline car offers the most flexibility for long-distance and immediate business trips.

4. The editor's most relevant selection suggestions

Is an electric car right for you? Ask yourself five questions:

  1. Do you have your own/fixed parking space where you can install a charging station?
  2. How many days a week do you drive and how much mileage do you drive each time?
  3. How often do you go to the suburbs, inland areas or remote areas?
  4. Do you value environmental protection and new technology, or practicality and value preservation?
  5. How many years do you expect to use the car?

If you answered "Yes" to 3 or more of these questions, you can seriously consider an electric car!

There are many advantages of gasoline vehicles!

  • Traditional gasoline vehicles still have a long "golden age" in Hong Kong;
  • The second-hand market is active and the repair network is mature;
  • No need to worry about subsidy policy changes or battery aging.

5. Conclusion: Future Trends and Smart Choices

Electric vehicles are bound to become mainstream in Hong Kong in the next ten years, but they are not suitable for everyone at this stage.
**The most important thing is:** Clearly understand your lifestyle, parking conditions, car usage frequency, and budget - don't buy an electric car just for the trend, and don't reject gasoline cars out of fear of the future.

The editor recommends that you:

  • Plan parking, charging, and daily travel first;
  • Ask more friends around you and read more local reviews;
  • Newbies can consider Hybrid (oil-electric hybrid), which has the advantages of both;
  • If necessary, you can rent a car or test drive it for a few days. The most accurate experience is to experience it yourself!

If you have any questions, feel free to leave a message or send a private message to the editor. I hope everyone can pick the dream car that best suits their life !

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