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 principal 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 then your car price should be RM 46,288. This means the more downpayment you put, the less monthly payment you pay OR the less loan tenure you can get.
The operation and maintenance costs are your fuel cost (operation), road tax and insurance (operation), tire 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 then look for warranties, free service, better quality brands and popular brands (because the popular brands' spare parts are normally cheap and easy to look for).
The summary:
1. Put more downpayment (10% is recommended) to buy a car to reduce loan tenure and monthly payment. If you are a new lower medium user, there is a high chance that you will upgrade your car and if your loan tenure is shorter you will be able to change the car easier with less settlement, or your loan is already settled after 7 years.
2. Look for better technology cars and popular cheap cars with decent offers.
See Part I here.
11 comments:
Nicely written
Unfortunately, many people today are unable to put higher down payment due to low savings. But it is true what u said here.
I am always thinking of ways to reduce my car payment. your tip really help. Thanks
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.
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