Second-hand luxury cars aren’t moving like they should be in Hong Kong. “A lot of bankers don’t want to spend too much money for a car now,” said Tommy Siu, founder of Vin’s Motors Co. “At this moment, they don’t know if they’ll have a big bonus.” The economy can’t be completely to blame. More than 270 new luxury vehicles were sold in the first half of 2012, which outpaced the 23% gain in the U.S.—the world’s richest nation. “Used-car buyers are more price sensitive and economic cycles will affect these shoppers more,” said Bill Russo, senior advisor at Booz & Co. “They are paying for the cars with their income as opposed to their savings.” Siu said expatriates made up 70% of his customers. “A lot of expats are leaving Hong Kong. For every 10 who are leaving, two are coming.”

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