Honestly, I never bought my own car but my husband bought his own car before we met and it was 13 years ago. He bought the new edition of Proton Saga at that time. For me, the car was great until we got accidents almost every year for 3 times, and we decide to let it go.
Hence, there is any doubt and dilemma or maybe we can say a do's and don't someone need to consider when buying a car.
Here 5 tips for buying a new car for the first time that you need to know :
1. Buy a car that costs less than your annual income
When buying a car, the bank's formula of "1/3 of your income" can cause you to go bankrupt quickly, especially if your income is less than RM3,000 a month. Avoid using that formula; instead, buy a car that is less than your annual income.
Let's say you earn RM3,000 a month and your annual income is RM36,000. A new car that costs around RM23,000 to RM35,000 is the smartest choice. Malaysian car by Proton and Perodua are affordable and yet it is good too!
By buying a cheap car that costs less than your annual income, you will have more money to pay for other items, such as gasoline, tolls, parking, insurance, road taxes, and maintenance.
2. The monthly payment does not exceed 15% of your monthly income
Another formula you can use is to buy a car where the monthly installment is less than 15% of your monthly income.
For example; Monthly income x 15% = Maximum amount of monthly installment payments
Based on the formula, if your monthly income is RM3,000, your monthly installment payment cannot exceed RM450.
3. Beware of scams
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| scammer is everywhere! |
An honest car dealer or salesperson can help you in the long run. Someone who focuses only on making a profit can ruin you financially. When visiting a car dealer or showroom, don’t completely believe what the dealer or salesperson says, especially if the things they promise are too good to be true.
Always be careful and do research to avoid being scammed. My sister was scam by a Perodua seller last 2 year when she wanted to buy a Perodua Aruz. And the seller is actually an official agent at Perodua somewhere in Selangor, but too bad even Police can't do/won't do anything when "you are willing to transfer money to his account". And that bad guy still there working happily.
To avoid scams, do make sure:
- The seller does not ask you to pay a deposit to his personal account. If asked to do so, look elsewhere.
- Sellers do not offer discounts or rebates at overpriced rates. Usually, the government will announce car discounts and rebates if any so make sure you always check the car newspapers and websites available.
- Interest rates are too low. The lowest interest rate for national cars is 2.9% while 2.7% for imported cars.
- The seller guarantees approval. Even your bank officer cannot guarantee approval. Loan approval depends on your score and life history. You can improve your creditworthiness and loan eligibility with a good score.
4. Get a car loan
Once you’ve found the best car you can afford, it’s time to get a car loan. There are at least 10 basic things you need to consider when applying for a car loan in Malaysia, such as the type of financing, the type of interest rate, the term of the loan, and the repayment.There are 10 basic things you need to consider when applying for a car loan in Malaysia such as the type of interest rate, repayment, and many more. Know these things first before making a loan and one of the easy ways is to calculate the estimated car loan using a car payment calculator.
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| calculate your own car loan |
One of the websites you can refer to for a car payment calculator is Car Payment Calculator. The website has been in since 2012 and surely has helped many car buyers around the world. It is easy to use where you need to insert the amount as per the calculator needed. This calculator surely will help you to be a wiser buyer and avoid you to pay an extra charge to the seller.
Another interesting thing I like about their website is they also have online games! There are so many games you can play online without worrying about ranking and no ads to disturb you while you at it. It can reduce your stress while thinking about buying your new car too!
5. Maintain the value of your car
Last but not least, once you’ve managed to own a car, it’s time to take good care of it to maintain its value. This is important if you decide to sell your car in the future. While the value of most cars tends to decline over time, this helps if your car is maintained with minimal issues when you want to sell it.Follow these tips to ensure the value of your car:
- Wax your car at least 3 times a year
- Protect the vinyl surface of your car
- Fix the weird noise coming from the direction of the engine quickly
- Change the oil regularly
- Keep the inside clean and smell fresh
- Service and maintain your vehicle regularly
- Avoid remodeling and painting the car excessively
Do take care of your car like your own baby and of course, stay safe while driving. I'm planning to buy a new car too but looking at the news recently, I think I need to calculate my monthly budget again.
I hope that everyone who wanted to buy a car has a smooth journey and again avoids being scammed, just be careful okay!
Tadi sempat gak main game sebelum komen sini hahahaha..
ReplyDeleteSis banyak dpt gak tips bila anak sendiri jadi SA kereta.. memang betul, nak beli kereta kena banyak gali ilmu, bukan ada duit main beli je kannn
Nice into!
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