Feb 5 2024, 09:24 PM
QUOTE(zzzxtreme @ Feb 5 2024, 06:38 PM)
hi guys. I've tried researching for car affordability articles.
a US-centric article says 20/3/8 rule - meaning 20% downpayment, 3 years to pay off, and monthly payment 8% of gross income
if "convert" to Malaysian salary and prices, a person earning RM10K can "only" afford a RM34,648 car.
it's generally a good advice, but skewed because of different standard of living and car prices/salary ratio. it makes sense for americans, because a US$34,648 car is considered pretty good
does anyone have advice on a "rule" for malaysian earner buying malaysian car ?
You check first see got banks want to do 3y car loan or not. If yes compare the interest to let's say 5y loan. Mine 4y also they dun want.a US-centric article says 20/3/8 rule - meaning 20% downpayment, 3 years to pay off, and monthly payment 8% of gross income
if "convert" to Malaysian salary and prices, a person earning RM10K can "only" afford a RM34,648 car.
it's generally a good advice, but skewed because of different standard of living and car prices/salary ratio. it makes sense for americans, because a US$34,648 car is considered pretty good
does anyone have advice on a "rule" for malaysian earner buying malaysian car ?
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