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?

----------------------------

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.

3k salary buy 100k car then live like a rat.. worth it?

try get a 10years old camry
my fren earning 2k per month , he get himself a 2nd hand camry cost him 30k
the car still nice n stable at high speed

Salary 3K wanna get 100K car??? Lets see:

Salary: RM3000 (lets assume this is nett after CPF and income tax)...
Room rental: Less RM300, balance RM2700
Food (rent room means not staying at home): RM30 (conservative) per day = RM900, balance RM1800
Car installment: RM1100, balance RM700
Fuel: RM400 (minimal driving), balance RM300

Consumables:
Insurance and Road Tax = RM1500 (assuming he have 55% NCD)
Tyre: RM400 a piece = RM1200
RM1500+1200 = RM2700 divided by 12months = RM225 per month, balance RM75

Enuff for TS (or anyone to live by)??

And the main reason he wanna get a 100K is to prolly show off to his friends and/or GF that he have arrived (and in style)... so he definitely will be using more money on movies, entertainment, shopping.... he will be in credit card debt in no time...

But its ok... biar ada gaya, bankrupt takpe coz papa/mama ada....

This post has been edited by Poadster: Oct 23 2011, 08:27 PM

there is study recommending ppl not to buy car more than double of their annual salary... better stick to the car value to your annual or 1.5x annual salary...

I would says not all applicable..

Imagine i earn 2k = 24k per year..
Can biy 48k car..
Even 9 years shd be around 600+/-

2k minus this n that 1.8k
600 car
300 fuel
Rental ?
Phone bill ?
Parents?
Saving?

end up Lkpk..:-p

Referering to 2x :-)

This post has been edited by K3nnYkl82: Oct 23 2011, 08:43 PM

need to show their frens they made it.

they drive city/vios/altis/civic, use iphone, buy ipad. and then every month pay minimum payment for credit card.

this is what happens when u're a fresh grad and drive a brand new city/vios

U wont understand.. generation gap..

Duit tak ada tak apa.. yang penting gaya ada ..
Tua only enjoy meh

i'm still 2x years old la

but then, when i was a fresh grad, an experienced engineer driving city/vios is already successful.

but now, a fresh grad needs to drive 100k car to impress ppl, vios/city already cannot.

it makes me wonder, who the hell drives a myvi or saga? makcik cleaner?

jalan sombong, poket kosong?

that's y is a recommendation mah... at least is to remind us and others the max range of car price u should look at... the final decision on what to get, u got to look on individual expenses la... some petrol and phone bill is by company so can i say you calculation again is not applicable?

if you didn't notice, let me remind you.. nowadays, it is difficult to see proton or perodua on the road.. the common scene is vios or city with P.. so what to do to stand out?

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Added on October 23, 2011, 9:06 pmi would say this kinda calculation is indivual.. it depends on priority.. some ppl put car as top priority, some put savings and investment or some put property.. i have seen a company boss driving proton saga costing less than 30k and he nvr bother to fix the broken signal light.. but his monthy income is at least 20k..

This post has been edited by jy1905: Oct 23 2011, 09:06 PM

if u go look around those private university or college.... go look at their car park, u will be shocked to see what are the students driving...

maybe eyeing the new avante?

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Added on October 23, 2011, 9:14 pmaiseh, vios /city cannot make it already liao? kind of like the new city, getting bored of driving those D segment cars liao..

This post has been edited by ar188: Oct 23 2011, 09:14 PM

why on earth do you need a car that cost > 100k?

you 2" ?

jokes aside, a car is a liability, not an asset

it costs money - not just monthly repayment, but repairs, parts, insurances and taxes

get a car that's within your capacity to pay. a good and tried formula is 1/4 of your monthly pay goes to the car repayment - with FIVE year loan




anything above that, means you can't afford it

and who use the same car >5 years?

again, i re-iterate, car is a LIABILITY. it depereciates the second it leaves the showroom


edit: just for the lulz, go and sit at a tyre shop and see how those young ppl drive nice civic, or vios or city can only afford to replace TWO tyres ONLY at one time? man... that's soo wrong. (doesn't matter the fact the car is 2wd and usually the front goes first)

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Added on October 23, 2011, 9:17 pmthey are driving their parents' (or their parent's company registered) cars...

nothing hardly to be shocked at... living with FAMA allowances. not impressed.

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Added on October 23, 2011, 9:18 pm u got that one right. plus, lots of credit card debts, and 2 - 3 month did not pay car installment

This post has been edited by lucifah: Oct 23 2011, 09:22 PM

+1

i driving myvi, a bit regret to spend another RM10k on it and i should rather go for saga instead to save some bucks... anyway, i glad that i can owned a DSL house) with my bloody money as tat time cost me RM300k 3 years ago (about 25 years old that time) but selling price is about RM600k now... if i wish to sell my house now, i can buy a super luxury car now...

as advise dont spend ur hard earned money when u r young, save it and do investment or buy house instead... wait for 5 years and u can get a car for FREE... hence, dont forget in future u may have more commitment and u need more money to survive...

This post has been edited by gkl83: Oct 23 2011, 09:28 PM

my fren just buy new vios with 10 years installment 2tier (pay 700 for several years.. 7years++ 1k+) but seldom see he going outside.. no money to put petrol kot..

2 tires not bad wei..
Last time i see someone tire cant repair d.. driving accord.. ask for 2nd hand tire.. The shop owner say 50. He ask for 30 summore. lolz

vios where got makan minyak? maybe should buy insight instead?

yeap vios jimat minyak but if ur saving permonth balance below 500 can go wayang, lepak, etc..?

i guess sometimes the apek riding a bicycle/ motorbike might be richer than those driving a benz on the road

42 Malaysias go bankrupt everyday thanks to car debt and credit card debt. You'd think everyone would learn something from these statistics.

HA HA HA HA... 10 years?

my god


the only reason why i didn't get a car loan less than 5 years is the interest rate gets higher

i asked for a car loan a few months back

9 yr - 3.5%

7 yr - 3.2%

5 yr - 2.9%

3 yr - 3.5% <--- WTF?

bank says not making enough money....

true story.

i'd have paid in cash, but that would raise LHDN alarm bells.

Ha ha I'm quite interested to know about 100k
Value of car loan.

Let said lah.

100k -10% DP = 90k and your monthly installment should at around Rm1000 for 9 years.

1. Car installment at Rm1k
2. Road tax Rm280/12 mths
3. 1st year car Insur. At Rm2.9k -NCB 20% or deduce from old car insur at 55% then the cost at around Rm1400/12 mths.
4. Petrol for 100k car should be more higher than small CC car at Around Rm450-500 pet mths.
5. Personal insurance Rm150-200.
6. Makan for breakfast + lunch time at Rm15 per day.
7. Plaza Toll at Rm50 per mth.
8. Every 3 mths servicing at Rm250-300.
9. Ticket Moving if you have gf already
10. Bills etc at Rm100-150 per mth.
11. If stay out side not stay with parent then have to standby another Rm500
12. If you saw the car accessories your friend have, then you also need and get additional Rm200.
13. If you have merokok keke additional again.
14. If you wanna eat additional good food with gf and standby another Rm200
15. Buy iPhone, iPad or new laptop & PC then the cost will be additional for you credit card installment
16....To be continue....

If you have more commitment and better don't buy an very expansive car end up do not have pocket money and monthly saving.

If you can afford right now and just go ahead to your current afford car.

u would faint when some ppl tell u y they need a big car.. the most ridiculous one i've got is 'to get a gf'.. i was speechless when i hear tat..

42 bankrupts under the age of 40 a day in Malaysia. That is the statistic.

Credit card debt being the main cause.

Good la, earn 3k buy 100k car some more. Then drive like you own the road. You guys deserve it.

need to discourage them.reason being, once they default the payment, the bank's non performing loan increase = cost of loan increase. the cost is spread to all of us who are taking loans.

My current university is full of nice car(by student)vios,city,mazda 3 all these is very common,yes,local cars is getting less at least in my school.

What I know is that some of my friends just graduate and father already give them nice car,and full cash settle,which they dont need to pay any installment for that.Yet,every month his father still give him pocket money because his salary can not cover his expenses."What a good son."

For my case,my father bought me a car,myvi,but the installment my father reduce from my monthly expenses,once I start working,I am the one continue the loan.

After read thro comments,I think I know what I should do and dont.
Money in pocket is much important than driving liability on road.

I believe they is a lot of people driving normal car but is a millionaire.

Thank you for the comments.

I believe they is a lot of people driving normal car but is a millionaire.

well said. money in pocket is better than money loaned.
its bad spending that murdered greece's economy.

thanks guys for those critic,I appreciated it.

The best survival method is, car price < annual salary. That way you should be safe. Assuming your car costs rm100k, your annual salary should be more than your car price. this formula should be safe if you have gf / pay rental / own food / own maintenance etc etc. Just my opinion.

This is something that wow me.
If dirext divide which mean each month need to earn 8k something.

Thanks!

think carefully, as this is a long time commitment...

for me, if i can arrive safely and comfortably, then it's just fine...
better save your salary for the future plans and emergencies, we don't know what will happen in the future

i just work as an engineer with 3k++ salary but i drove a secondhand waja which cost me around 28k....
monthly almost RM400 only.. but still can go up to 190kmh easily....
the good thing is i don't have to eat instant noodles and salted fish everyday....

just be grateful of what we have bro...

Hah? So salary rm5k only can get myvi only la... If using ur formula. Hehehe

But I'm also want to know, what is the minimum salary to submit for loan to buy 100k car?

Is it many or not people that earn </= 5k buy 100k car in Malaysia?
Tq

just to be safe, with tons of money more to spend for your other commitments + savings. if you're buying a myvi with 7 years loan, monthly installment should be about 700~900 i think, you have about 4k to spend on your other expenses + savings, isn't that good?

well this applies to people who 'as long as got car drive, can already'... this is how i think though, so for me, property > cars. as someone said previously, cars = liability, not asset.

I want and wish to become those people that "have car,ok already"

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Added on October 24, 2011, 2:49 amSomeone above mention rm3k something?minimum requirement.

This post has been edited by rest: Oct 24 2011, 02:49 AM

should be around 3k++.. banks don't consider your maintenance, ins, petrol and so on.. what they usually do is divide your salary by 3.. even if that is not enough, get a guarantor.. everything settled

Hi, rest

For who ppl own the car at 100k, they minimum income should have Rm6k per monthly income.

If your salary is ard 4-5k and got do something part time I don't think you cant afford the car.

For normal ppl who have the car 100k maybe is the 2nd unit of car at for normal days just drive the small CC car such as proton & perodua.

One more tips here for you to calculate the car monthly installment.

For 3k -11% of EPF = Nett Rm2670/3 = Rm890 this is the answer you can afford the car installment

This post has been edited by kimsim: Oct 24 2011, 06:49 AM

4.5k minimum enough said.
5.5k to be safe

rest,

if this is a sincere question that you have asked, then my sincere reply is:-

(pre-condition: you do not have rich parents who will pay for your car installment/maintenance/repair/fuel etc, should things go wrong)

"total amount of annual spending on the car (installment, fuel, road tax, insurance, repair, maintenance, upgrade, mod etc) must be less than 1/3 of your total annual earning. Failing which, you will not have a life for many years to come."

Life is NOT about CAR ONLY.
There is HOUSE, HOLIDAY, CHILDREN, RETIREMENT, INVESTMENT etc...

to some ppl . life is about washing, waxing, fueling, showing, his/her car ma ... :-P

serious one - shd balance up and do ur own financial planing.. Car shd be the least piority .. get wat u can afford.. try to be independent.. parents are not ur ATM.. spending parents money wont make u look good

some people are born that way...

Maybe his gf is a pig, that's why need a "big" car...LOL.

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Added on October 24, 2011, 9:42 amSalted fish is very expensive nowadays....more expensive than chicken. LOL.

This post has been edited by Matrix: Oct 24 2011, 09:42 AM

I think the loan table can be help you as much you can afford


Since got ppl comment then I just improved the viewing solution


This post has been edited by kimsim: Oct 24 2011, 05:05 PM

around 4k should be adequate

You actually did the table??
Thank you so much.

Ha ha you welcome

buy 100k car for what, then u stress biler mau service. then u start telling the mechanic... that 'part' must change now ah ? cannot push another service mehhh ? then the mechanic also.. start sourcing for u... aftermarket parts,second hand parts as long as can put ur car on the road... then. when u park in the hot sun.. u sakit hati.. becoz its exposed to the sun and the rain... then when people bang your car or sign on ur car, u lagi sakit hatii... last last,, your bp goes up.. for what ????

baik u beli a car that you can afford to actually forget about how much the car costs... so that you x sakit hati when someone bangs your car.. the only part sakit hati is the inconvenience of it, not the cost of it... if you get what i mean ?

your're earning 3k+, lets round up to 4k. the car , u going to go for maximun 9 years.. so, out of 4k, you only got 2k left. ( 2k gone becoz of monthly+ petrol+toll+parking+service+emergency)
2 years down the road, u now earning 5k, and u suddenly realize u wanna buy a house... what house can u get on that ? bear in mind....2k gone. you got 3k left. out of this 3k, assume 2k is for your own monthly needs, ( food, rent and basic bills)
u got 1k left.... mau beli rumah mana ? rembau ke ?

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Added on October 24, 2011, 2:14 pmbetter u buy a cheaper car, get a property, and ten years down the road. you buy a 200k car....

This post has been edited by ultramaman: Oct 24 2011, 02:14 PM

man.. don't u even know how to screen-cap? printscreen?

u have to actually take a photo of your computer screen?

and with 9 yr loan, everyone can pay the installment

the golden question is: can you AFFORD to have a 100k car.

not can you pay for 100k car monthly payment...


being able to service the loan and being able to afford a 100k car is two totally different thing...

oh, btw, most banks have their online Hire Purchase calculator that you can use easily...

Yap I knew how to printscreen capture, but my office PC do not have Internet access, at the time only can reply or using my iPhone to over the Internet ke ke when take a photo also as faster, what I can be transfer over to my iPhone

This post has been edited by kimsim: Oct 24 2011, 03:31 PM

I earn ~8K per month (take home paid) and I'm only drive Proton Saga BLM (2009 model). Why?

Because I've an house loan to serve, a wife and two kids to feed.

TS got enough to save every month after all those daily expenses, loan & maintenance?

No use also if everyday kais pagi makan pagi, kais petang makan petang everyday with RM0 in your bank account.

Ok lah I got one solution, just go for direct selling ha ha and working as normal and every months got more than 10k should be good enough to getting 100k car.
Ke ke

don forget those add on accessories, it will kill u too. quality sun tint, immobilizer, gps, sound system, dvd, pu skirt, toms sticker, bigger sport rims with tyres, and etc. ready to fork another rm20k for that? good luck yo. huhue

Don't scared our brother leh

If you getting a full spec should not be everything accessories needed to added.

Such as Nissan latio hatchback + Impul body kit I think this is already shock and do not need modify and only change the DVD player as well

if you are planning to get RM100k car.. and if you live in Klang Valley.. please consider buying a house first.. therefore need salary >RM5k..

unless those ppl are single if dont have commitment such as family, child, property, investment, insurance, etc...

i got a colleague sold his city and bought civic, end up he have to pay RM1k for 7-9years... somemore he spent and planned for upgrading with some "cool" accessories such as multimedia + GPS system, side mirror signal LED, rear trunk release system, etc...

anyway, he complain that the civic fuel consumption higher than his city.... lol? in addition, i asked him whether planned to change his rim and tires as his civis will look more "cool"... he answered me "never" as the new replacement for stock tires enough to kill his wallet... another lol?

Wah this very good experience from you friend and sharing here, well done!

i think a car is only for the purpose of transporting.... i owned an Innova.... and the reason i purchase it is for outstation run with 6 person in the car and more spacious and better for long distance running compare to Avanza..... I travel like 10000km withing 3 months...

now my car 5 years + 3 months already reach 190000km considering to change car.... reason also is affraid my car cannot tahan any more longer, though i send my car to service on time and everytime will change all the parts according to the service book, but mechanical failure cannot be predicted.

So my car is all about working and that is the reason i purchased it. Price wise i think it is reasonable if u make full used of it... not for fancy other ppl.

sharing is one issue... owners should understand the total maintenance cost of luxury car as it may cost a bomb after the warranty period...

i brainstormed in term of technical term with my colleague (the guys owned civic) too as he considered on honda insight, we think the maintenance cost for GB on hybird may a bomb as i think that have some sort of conversion system there (combine the horsepower from electric motor & petrol engine)... the battery replacement may cost a bomb too but the SA informed my colleague that the battery price will reduce in the future (lol? we never know that ANY heavy duty battery price dropped before) and we seriously doubt that the battery for hybird may cost a bomb in the next 5 years time...

so better do some homework 1st before purchase any cars...

This post has been edited by gkl83: Oct 24 2011, 05:44 PM

Possible hybrid does not exist anymore replaced by fuel cell .. Then it would really cost a bom

that's what my fren earning 20k/month said to me.. proton saga < 30k .. ppl bang him he oso no care, no need repair and no need sakit hati.. as long as the car have 4 wheels can bring him around to get business ald good enough

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Added on October 24, 2011, 6:06 pmthen you'll have more and more ppl opening new thread in lyn saying they have been conned by mlm..

This post has been edited by jy1905: Oct 24 2011, 06:06 PM

one of the reasons hybird car is to save petrol...
so i dont see the purpose by using fuel cell if the petrol price still going up...

unless there have the possibility to stabilize the Hydrogen if extract from water and use this technology on car instead...

as long as he didn't borrow money from me, I wouldn't be worked up about how he can't afford his ride.. lol..
maybe next time when he kennot tahan liao, he can sell cheap cheap at used car dealer price.

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Added on October 24, 2011, 6:11 pmfuel cell doesn't mean have to extract from water, can be fuel cell using petrol also to provide electricity..cos it's more efficient to drive vehicle using electric motor than internal combustion.

This post has been edited by ar188: Oct 24 2011, 06:11 PM

yes... i means no point to use petrol to extract electric since the petrol price keep increase in the future...
hence as what u said the fuel cell technology doesnt cheap either as you claimed and i doesn't see the beneficial of car manufacturer to use this technology on his new products... i think car manufacturer rather go for water extraction for hydrogen if compare to fuel cell as we can get water easily from anywhere...

cheap or no cheap, we do not know.. no point speculating the cost now..

for example, 10years ago no one selling Li-Po batteries commercially, now found in every corner of the earth in mobile devices.. and start to use in Electric vehicles, so it's hard to say...

Wah hot topic now become to fuel saving technology he he

OK,come back to the topic.
Besides,if I buy a car with full cash is that ok?I heard that someone will check on you is that true?

as long as you can declare the source, its ok.

not those drug moeny, or bookie, or bapa ayam kind.

If cant declare how?the shop wont sell to you even you have that much money?

u can buy, and ppl will get alerted, and the next thing you know, u're in jail!

there is a anti money laundry act, and so on.

but i'm sure those with dirty money knows how to get around with it.

just tell them u earn the money from stock market speculation
anyway, i think it is because of lhdn.. they will come after you if your income which you declared/paid tax does not commensurate with your spending.. unless your parents buy for you then no problem on your side

This post has been edited by jy1905: Oct 24 2011, 08:23 PM

,er, lets talk back about buying cars.

saw in mazda 3 forum, a chap wanna buy mazda 3 mps, rm175k, kena rejected.

bank said can only buy rm125k mazda 3.

why? cos he only makes rm3k++, got credit card loan and housing loan and personal loan.

and the chap is so happy. i was like....wtf?