Most of the young professionals or first time car buyers are actually clueless how much money actually needed for them to own car. Buying a car is not just one time pay. Most buyers are getting loan from authorised banks pay for the cars in the period of time, usually 5,7 and 9 years.
Then the car buyers have to serve the loan every month for the next 5,7, or 9 years.
After the user bought the cars, then the he/she has to pay for the road tax, insurance before can drive on the road. This would mean another cost to own the cars.
HOW MUCH MONEY ACTUALLY I NEED TO OWN A CAR IN 2018?
After couple of months driving on the road, the car required to be service in the workshop as well. This is to ensure the cars are working well on the road. Car servicing is another expenses to the users again.
Based on the infographic, we can see the breakdown expenses of the local car (Perodua Myvi) that selling cost at RM52,800.
- Deposit = RM10,000 in cash
- Loan repayment for 5 years = RM880/month
- Yearly insurance fee starting from RM2,000
- Bi-yearly car service in the workshop with each time cost of RM240 (basic)
With the sum for the next 10 years of owning vehicle in Malaysia, this would cost up to RM87,400 (without add in the petrol consumption).
Let’s us know what you think!
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