August 4, 2009

Car Buying Guide (For lower medium class) Pt.2

Initial Cost is the amount of money (Your own) you put in for the car when you buy it such as the downpayment. How is this relate to your budget? Simple, it will determine your monthly payment and the loan tenure. If your budget is RM 600/mth , and you plan to get a 7 year loan then the loan amount including the interest (assuming the interest is 4 %) is RM50,400. Therefore your loan principle will be, RM50,400 (Loan Amount) - RM14,112 (Interest for 7 yrs) = RM 36,288. Finally your car price should be RM 36,288 + Your downpayment. So if your downpayment is RM 10,000 than your car price should be RM 46,288. Which means the more downpayment you put, the less monthly payment you pay OR the less loan tenure you can get.

The operation and maintenance cost are your fuel cost (operation), road tax and insurance (operation), tyre change (maintenance), battery change (maintenance), Lube oil change (maintenance) and many others. If you want less operation cost then buy the latest saving fuel technology such as VVTI, IDSI and many other I's or better still a Hybrid or (nonfuel) EV. If you want less maintenance than look for warranty's, free service, better quality brand and popular brands (because the popular brands spareparts are normally cheap and easy to look for).

So main point:
1. Put more downpayment (10% is the recommended) to buy car to reduce loan tenure and monthly payment. If you are a new lower medium user, there is high chance that you will upgrade your car and if you loan tenure is shorter you will be able to change car easier with less settlement or your loan is already settled after 7 years.
2. Look for better technology car and popular cheap car with decent offers.

See Part I here.

12 comments:

Gallivanter said...

Nicely written

Willie said...

Unfortunately, many people today are unable to put higher down payment due to low savings. But it is true what u said here.

journey adventure said...

I am always thinking of ways to reduce my car payment. your tip really help. Thanks

lvynana said...

Gallivanter : Thanks

Willie : Yup, not many can do so.

Journey adv : Glad to help, btw, I still cannot put comments in ur blog, too bad.

John said...

Along with these, check out the car buying guides at http://www.fourwheelreviews.com

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