How much I need to earn so that I can afford to buy a 100k car?Installment.
Second hand or first hand?

Interest rate 3%, loan 100k and 9 years.

Interest for 9 years = 3k x 9 years = 27k

127k( 27 + 100) / 9 years / 12 months = 1.2k installment each month.

1.2k + petrol one month might b 1.5-1.6k.

Depend on where u're working and married status. Use ur current monthly salary deduct 1.6k then you will know whether you can afford to buy 100k onot.

boss, need to pay 10% downpayment first.

your formula is for 110k car?

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TS, typically you need 4k-5k to be affordable for 100k car.

This post has been edited by turbocharged: Oct 23 2011, 04:52 PM

dont forget the insurance and road tax annually and maintenance will cost u how much

This post has been edited by megahertz: Oct 23 2011, 04:53 PM

if you are taking a loan, the instalment cant be more than 1/3 of your salary.

prepare downpayment, insurance also.

This is why there are alot luxury "Logo car" on the road

Can't afford to pay the installment.

RM 100k, assuming 10k downpayment, 3% interest, 9 year loan.

Monthly payment = RM 1058.

Minimum salary for loan approval RM 3100 - 3200.

Another 2k every year for road tax & insurance (Assuming no NCD), plus another sum for servicing depending on what brand you buy.

This post has been edited by dares: Oct 23 2011, 05:56 PM

its not the matter on how much u earn, its all about how much u can spend!

There is no answer for this..

How ur spending ...
Have to support ur family?
Hoe much fuel u need?
Planing to buy a house?
Planning to get married soon?

And thr story goes on ..

If let say:

I sell my current car.
my parents support my down-payment.
Single.
Pay rent monthly.
So is not worth if I earn only RM3k something?

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Added on October 23, 2011, 6:53 pmwhat if doing business?Not fix salary every month?

This post has been edited by rest: Oct 23 2011, 06:53 PM

3k per month owning 100k car is bunuh diri.. i assume u sell the car next year to 2nd hand dealer..

You shouldn't go for a 100k as it is quite burden for you. 100k car definitely cost you each year more than 2k for the road tax + insurance + maintenance. Repairing and maintenance might not included in the first few year if you buy new car, but after that it will break your wallet.

This post has been edited by Faint: Oct 23 2011, 06:58 PM

Nowadays driving 100k won't get you better. Get it when you really able to afford it.

100k car i would say ok if yer around 4k pay range... but u gonna start doing your financial planning.

better advise would be get a 50k-80k car, then start plannin for a house property. car depreciates, while real estate most of the time appreciates

Oh, papa and mama, then no problem.U able to afford it.
No worries, buy first and everything can be settle in future.

true! i got experience on tat!

Even my salary close to RM5k also i dont buy 100k car. I only will buy 50-60k car, put better downpayment, finish instalment faster. I see a lot of kids nowadays just start to work go and buy 70k car with 2k plus salary, i really wonder how they survive. When come to pay insurance/road tax, take personal loan. No wonder everyday got 42 ppl brankrupt under 40 years old.

3k + still can la..more or less you have no other commitments... but taking care of the car etc also needs money... depends on ur lifestyle etc...i think this car is too much for you to handle. maybe 60-70k still ok. at the end of the day if you dont have enough $$ and mummy n daddy can support you, then no problem la bro...go for it

for a 100k car and assuming 10-20% dp, you'll still need to spend around 2k a month for everything such as petrol, maintenance and ins.. to afford it? try multiplying with 3 and you'll need to earn at least 6k a month.. even then, sometimes it is not sufficient to live COMFORTABLY coz you'll tend to spend more when you are earning 6k.. i would say 8k monthly if you are single to afford 100k car with comfort.. but if you are having support from YIB, perhaps another story then..

just wondering, why you need a 100k car in the first place?

This post has been edited by jy1905: Oct 23 2011, 07:26 PM

3k salary can afford 100k but as other ppl said, how much u spend monthly will decide whether u can survive or not.