Gross 4K can afford S70 premium (79k) ? I'm not talking about loan approval , I'm talking about overall financial affordability .

0 Commitment , except for medical insurance . Don't drive much because WFH.

gross annual RM 48 K -> about 1.5 times less than the price of S70...dont even bother unless you want to go broke every month and eat bread everyday? (not sure if u can even afford that honestly). either earn more or get a cheaper vehicle.

when i was making 2.4k gross 10 years ago i bought my myvi at 44k because i needed a car , now 10 years later i want to replace my myvi i should buy another myvi ?

why buy an S70 when you dont drive much? nothing wrong with getting a newer gen myvi. you have to factor in the following too not just sticker price:

1) Monthly commitment for loan
2) Maintenance price (average annually over next 3-5 years or more)
3) Insurance costs
4) Petrol costs

Most people dont factor in number 2 and 3 and then realise they cant really afford the vehicle...

One thing you did not mention - how much Downpayment are you planning to put in, and how many % is the interest (estimated) and for how many years of loan? if you have a lot saved up, and your monthly commitment isnt that much (say 500-600) then I'd say that's good -> go for it. but if its like 900 or higher...forget about it.

That would be what I’d do if I were in your shoes.

my downpayment is whatever my myvi can sell for , which is 10k-12k.

i am getting a new car mainly is to replace my aging myvi , and also i need to travel to KL every few months . the reason i say i dont drive much is because i wfm hence i dont daily commute to work .

This is my estimate of your monthly:
https://www.calculator.com.my/car-loan

Car price - 79K
Downpayment - 12%
Loan period - 9 years
interest rate - 2.5% (rough estimate, not sure if this is accurate for S70)

monthly repayment - RM 788. You cant afford it....

I would suggest getting another myvi or maybe Bezza 1.3 AV - worth it at < 50K (something different at least). With bezza your monthly is about RM 500+ for 9 years, everything else same as per above except car price..interest rate might be different, so u need to check..even at 3.5 interest (1% more) is RM 535 VS 788 -> dont laugh at the price difference - remember the 4 points I said earlier...)

btw I am still driving a 12-13 year old Kia Forte 1.6 SX since I joined my current company and my income has gone up quite a bit over the years and yet did not change my car...its not in the best condition but still going...like you - I too dont drive often and WFH most of the time...dont see any real need to change unless it breaks down totally..

5 yrs loan monthly around repayment RM1.2k
7 yrs monthly around repayment RM920
9 yrs RM750

I'm not an armchair financial advisor so I'm not going to make any assumptions. You sendiri kira after deducting your monthly expenses and savings, enough or not?

Remember to factor in insurance, maintenance and repair costs post warranty.

This post has been edited by dares: Feb 17 2024, 08:19 AM

One more suggestion - get the CSP (Conscious spending plan excel) and fill it up :
https://iwt.com/csp-youtube

Your fixed costs (plus your new car - monthly loan + maintenance + insurance) should not exceed 60%. If you dont exceed with the price of S70 then go ahead, but honestly the lesser your fixed costs are the better and you need to save and invest.

When I realize i need to think so much to buy a car that is cheaper than the lowest spec vios by almost 10k really gives me depression

This post has been edited by Longway: Feb 17 2024, 08:26 AM

You are not alone. Many Malaysians are struggling. Just because they can buy a Vios or City doesn't mean they are comfortable with the financial hit they are taking with the car. Don't just look at the surface.

You can do yourself a favour by not joining their ranks and make yourself suffer for your car.

Based on your usage (WFH, occasional highway travel), a Saga or Persona would do just fine.

gross 4k and spend 1k monthly for loan/maintenance/insurance is quite tight..
But if u single and u have modest lifestyle.. u can afford the S70..

the fact that you wont be driving the car much - you will enjoy it for first 2-3 years maybe (new car love syndrome), then after that you will treat it like a normal thing and eventually will regret it if you paid so much for it with such a high monthly commitment. Like i said - go through the CSP link above, if your fixed costs (including your car costs maintenance etc) is at 60% or lower, then go ahead. if not, i strongly suggest you make a different choice for your next vehicle.

Your earning after 10 years honestly isnt much from 2.4 to 4K a month. either significantly increase your income (supplement with grab etc) or get a cheaper car to have an overall lower fixed costs. trust me - its not worth it. I know the feeling of "wanting" to have a new, nicer car - i've been there many years ago so I know. I have bought 3 cars before (including my current kia forte) so I know the feeling. Dont cave into instant gratification and dont forget - you will need money for a rainy day. save up at least 6 months of emergency funds, educate yourself financially on iwt.com or google dave ramsey and watch his youtube videos.

Exactly. Many years ago in this very forum i used to hear some stupid lame points like 2K salary can buy vios, 4K can buy BMW..yep..can buy..go ahead..put yourself into deep financial strain with zero emergency funds, when unexpected things happen - go with credit cards + personal loan and then get into a deep hole of debt.

If you earn 4K gross, saga/persona/bezza is all you can afford.

another article for your reading: https://www.iwillteachyoutoberich.com/how-to-buy-a-car/

yes most of it are US related but the general rule does apply..

This post has been edited by CyberKewl: Feb 17 2024, 08:55 AM

proton car sell so xpensive.

At RM4k gross, I wouldn't even recommend buying a car. If you really have to, go for something cheap. Cars is an expense. It's not only about the price of the car, but you also have to think about maintenance. Also, minor accidents are common so you have to think about having to fix / replace the bumper, or fix a dented door and repaint damaged parts.. the more expensive your car, the more expensive repairs will be. You can claim insurance but you will lose your NCD, which means you lose money. Net net. it's a money pit.

This post has been edited by Par@dox: Feb 17 2024, 11:27 AM

there is no shame to replace ur old myvi with a new myvi. if your income did not grow enough to afford a s70 after 10 years, then just buy a car that you can afford comfortably with your current income.

I am trying to read between the lines here, I reckon TS does not say any where near KL ? And since he mentioned zero commitment (no rent? No utility?) I reckon he maybe staying with parents, so f those are true, why not?