There's a million bucks worth of golf carts in the picture above (image: Justin Chin/Bloomberg)
Forget Teslas and Porsches! There's a new hot ride in Hong Kong that's more expensive than luxury cars: golf carts!
Want one? It'll cost you more than a quarter million dollars.
Anjali Cordeiro of Bloomberg has the story:
On the two-lane streets of Discovery Bay — a residential development about a 30-minute ferry ride from downtown Hong Kong — the golf carts are both the transportation of choice and an investment play for the wealthy. The buggies can sell for more than HK$2 million ($255,000) in the upscale neighborhood that’s home to airline pilots, bankers and lawyers.
Business executives drive them, expatriates love them and nannies ferry kids to school in them. Private passenger cars aren’t allowed in this neighborhood, and the Transport Department has capped golf-cart licenses at about 500. The supply crunch has transformed these slow gas-guzzlers into luxury transportation. Some buyers view them as investments — renting them out or reselling to make money.