I earned more than RM5k also, but drive local car only, at least fully paid. Intend to change my car also and see alot of people use annual salary per annum to decide what car you can afford. I use a different formula, I choose the car I want (RM90k car), calculated the installment payment and then see whether for the next 6 months, I can SAVE that amount, meaning assuming that amount is paid out as car installment. In the end, I only managed to save half of that amount, meaning I can't afford that 90k car.

So, I just continue driving my old car, even the driver seat got tear off now, but never minds. Yes, occasionally you will have friend or colleagues asking you to change car because you are a manager or director, but those people just like to talk nonsense, you must train your mental brain not to be influence by someone else.

OOT already, but another post on this.

I don't mind the high tax rate, but please implement GST as soon as possible.

A hawker/own-business under-declare their 50k income per month, down to 3k per month. The hawker is paying <1k tax or even zero tax p.a.. I'm paying 5-digit tax p.a.

Hawker buy cars/goods/etc. easily since saved a lot from not paying tax.
I have to think twice, after paying tax.

---

Added on October 28, 2011, 11:09 amI have the same mentality as what you are thinking. I don't give a hoot about other people view on my <50k local car. With this car, I still can pick up girls, tried and tested, so not a valid reason cannot pickup non-materialistic girls. I don't need fancy/expensive/non-local car, and I'm not that handsome also. Just average joe.
If every month I pay 1.5k loan, now every year I save 12x 1.5k = 18k
Imagine if my loan is settled >5 years ago. 18k x 5 = 90k
BTW, my car loan is settled >5 years already


This post has been edited by cute_boboi: Oct 28 2011, 11:09 AM

1/3 of gross or net salary?

greeting all...
i also in current situation as TS..
my salary is 3.5k...
minus rm700 for parent+groceries+other expenses...
so i still have about 2.8k..no need to pay loan+house rent or anything...bill also doesnt have...single...
can afford a car that range price about rm80k?

thnx for respond

should be alrite if you don't have any plan to marry / settle down in 5 - 10 yrs time...

but stick to the 5-yr max hire purchase tenure

at least you can build a good credit rating (if you pay promptly) and will help you secure higher loan if you plan to buy house later...

better get a myvi kind of car. those below 50k. ( 7 years, 1 month about rm700)

but u can try vios J spec. ( 9 years, about rm700)

thnx for fast respond

will it be different since i already have 12k as dwnpyment?
my aim is car that is below rm80k (my aim is civic fd)
thnx again

fiesta lo, if you dont mind the size.

or inspira if you dont mind the badge( its lancer, go try, u'll know)

or forte, just for the sake of not driving a proton.

swift? no way, new swift is coming.

yeap...fiesta nice also..my housemte used it..looks like dont have any major prob...yet...
inspira n forte also in my mind.but i heard some of it have prob..(where got car without prob rite)..will try to test drive it soon..in the mean time...save money for higher dwnpyment..


very big thnx sir

you're welcome, enjoy your weekend!

don't make the mistake of buying an expensive car...

if u wanna impress girls, trust me.. they'll be more impress if you own a house.

I myself drive a Honda Civic 2.0S 2009.

Every month, I set aside RM3000 for the Car. RM1900 for installment, Another RM 500 for Petrol, And RM600 for Maintenance, Road Tax, Tyres.

Recently, i just changed four tyres, cost me RM2570, Paid Roadtax and Insurance RM379+RM1912. All in one month.

So in total, i paid RM 6799 for that particular month including the installment.

Owning a car is easy.. but keeping it and maintaining it is the tricky part.

Although The only debt i have is my car(i don't have credit card debt or any other personal loans) , But If i can choose again, I'd rather go for a MyVi and have more cash to do more things. you'll live a happier life!!

This post has been edited by fillet: Oct 30 2011, 06:22 PM

I wanted to press a 'Like' on your post but well, you're well said.

If I earn RM3k/month.. I will go for a MyVi maybe...

Like Well said.

Not to forget, the additional payments when go out like parking, toll, summons, etc.
Then go out sure need to spend on food/drinks, mamak/lepak.
Then itchy want to add/mod accessories.

Not just to pick up girls.

Actually alot of people that I know who buy new expensive rides work as sales agents especially in the insurance / finance field.

There are two reasons why a) They feel that they need an expensive car to impress their customers who also drive big conti cars and b) Peer pressure from fellow agents in their agency, who always park all their BMW or Porsche together and take picture then show it around to new recruits.

Incidentally, many of these agents don't actually earn that much and they also struggle to maintain their cars. One of the ones I know earn less than 10k a month but just bought a BMW 5 series (>RM300k) .

This post has been edited by dares: Oct 31 2011, 12:01 PM

If a person is at sales/marketing, most (not all) have no choice but to get a nice car to impress potential clients.

Looking at this post, I don't think I'll ever get an expensive car lol

Even owning one of the cheapest cars, I still had to do the following:

Minor service (5k km)= RM180
Major service (20k km) = RM500
Tyres = RM600 (changed to better tyres than stock)
Insurance = RM700

It hurts although I earn RM3k. So those people thinking of buying a Fiesta, Vios, City, etc. good luck!

When your life's is very hard and spend more earning less, the only choice go to works in S'pore to earning sin money and convert back to m'sia and you're consider very rich already.

Can buy car or house at a same time.
When deduct the income tax is a minimum 5-10% of your annual income.

If you're PR in s'pore ha ha have to deduct 20% of your CPF.

Over there right now for that Toyota vios with COE = $90k the only way stay in JB and works in s'pore to bring the money back to spend in M'sia that's good choice.

Mind to ask, why is it a lot of person prefer to pay a higher down payment? If it is because of the loan interest, how if ones company subsidy all the interest? Is it wont be matter if high down payment or low down payment in this case?

This post has been edited by ElNino~11: Nov 1 2011, 09:28 PM

When you've paid a higher downpayment, if you want to sell your car early, you do not need to top up as much or maybe your resale value is higher than your loan amount. So you can sell off your car and still get cash.

Plus, if you take a long term loan and touch wood, the car totalled, you still owe the bank so much and your insured value is probably much lower than your loan amount. So again, you got to top up a lot more.

This post has been edited by FlamingFox: Nov 1 2011, 10:19 PM