A friend knows that I am planning to purchase a car and since he is buying a Perodua Myvi now, he is updating me on his progress. My friend wanted to pay cash for the car but somehow, ended up taking a minimum loan of RM29,000. He said that the loan period is five years, which has the most reasonable interest rate compared to three or nine years. Of course the agent was trying to sell him a nine-year plan but the interest rate was way higher.
I was doing calculations on the monthly expenses he is now committed to with a new car and frankly, I am shocked. Remember, this is just a Myvi. Car installment comes up to close to RM500 per month. Living in Kuala Lumpur, where a lot of roads are tolled, conservatively, he has to spend RM25 per day on petrol and toll, and that's just driving in the City.
Paying for the car and fuel will come up to RM1250 per month and this will have to go on for five years. That's the duration of the loan. Well, we still have not taken into account road tax and insurance and miscellaneous expenses like transportation fare should the car be sent to the workshop. Well, it's covered by a five-year warranty plan but one still needs to move about even when the car is sick, right?
A few of my friends told me to buy a Perodua Viva. It is compact; a ladies' car. But frankly, all these figures scare me. I don't want to be a slave to material possessions. I don't want to spend the next five years of my life slogging at work, forgetting about everything else, just so I could maintain a car. I think I better stick to my plan of buying a 3rd hand car, paying cash for it. I just need a car to move around Ipoh, that's all. I don't need a spanking new car to do so, do I?
I was doing calculations on the monthly expenses he is now committed to with a new car and frankly, I am shocked. Remember, this is just a Myvi. Car installment comes up to close to RM500 per month. Living in Kuala Lumpur, where a lot of roads are tolled, conservatively, he has to spend RM25 per day on petrol and toll, and that's just driving in the City.
Paying for the car and fuel will come up to RM1250 per month and this will have to go on for five years. That's the duration of the loan. Well, we still have not taken into account road tax and insurance and miscellaneous expenses like transportation fare should the car be sent to the workshop. Well, it's covered by a five-year warranty plan but one still needs to move about even when the car is sick, right?
A few of my friends told me to buy a Perodua Viva. It is compact; a ladies' car. But frankly, all these figures scare me. I don't want to be a slave to material possessions. I don't want to spend the next five years of my life slogging at work, forgetting about everything else, just so I could maintain a car. I think I better stick to my plan of buying a 3rd hand car, paying cash for it. I just need a car to move around Ipoh, that's all. I don't need a spanking new car to do so, do I?
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